President Donald Trump has suggested that a trade deal with China is imminent to resolve a conflict that is damaging both economies.
President Donald Trump's unresolved trade war with China is seriously damaging the American economy and, unless a deal is made soon between Washington and Beijing, the risks of recession will substantially increase, a top economist said.
"But then we had the trade war. The trade war has done very serious damage to the economy and, in fact, if the president decides to continue to pursue the trade war, recession risks will rise. "I think [Trump] is connecting the dots between the trade war, the economy, and his re-election. He'll probably figure out some way to come to some kind of face-saving arrangement with the Chinese.
"But if he doesn't, then the economy is really going to struggle and recession risks are going to be very high. We were nearly there. We just got side-tracked by really bad economic policy."Zandi also warned that the headline economic data showing the likes of low unemployment, robust GDP growth, and stable inflation were masking a different reality for ordinary Americans who are struggling to get by.
"I think that makes the point very strongly that despite the headline good economic news, it really has not filtered down yet to many, many working-class Americans," Zandi said.
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