'Trump is set in his ways because he doesn't see any weakening' in growth compared to the drag that China's economy has been experiencing, argues CNBC's Jim Cramer.
for August coming in much better than expected. Investors are looking through those numbers for hints on what the government's monthly employment report might show when it's released Friday.
"What I'm surprised at is how strong the consumer is," Cramer said, while dismissing the notion that the U.S-China trade war and the billions of dollars of import tariffs on both sides caused American manufacturing to slow. "Manufacturing has been in recession in this country for ages," he said, advising investors not to worry too much about August data, out earlier this week, that showed U.S. manufacturing in contraction for the first time in three years.
The latest round of tariffs went into effect Sunday, with the U.S. imposing 15% duties on about a third of the additional $300 billion worth of Chinese goods earmarked for levies. China on Sunday also put into effect tariffs of between 5% and 10% on part of the $75 billion retaliatory list of U.S. goods. The rest of the duties on both sides are set to go into effect Dec. 15.
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