President Donald J. Trump's top economic adviser, Larry Kudlow says the U.S. economy is “in sound shape.”
He told journalists outside the White House on Thursday that there is no need for tax cuts, or stimulus, or fighting recession. “We're not going to tamper with temporary tax cuts of any kind," says Kudlow.
"What the President is trying to say is there's no near-term tax cuts or stimulus or fighting recession. We don't have that point of view. We think the economy's in sound shape. We're staying with our program on lower tax rates, deregulation, energy opening and lowering trade barriers,” says Kudlow.
“It's funny. First couple of years of Trump’s administration we run a little less than 3 percent growth in the face of severe monetary tightening. It's a terrific achievement. … And certainly better than the prior administration. We're not going to tamper with temporary tax cuts of any kind," says Kudlow.
He says the president is concerned that U.S. allies engage in currency manipulation rather than implementing pro-growth economic strategies.
Kudlow explains why the U.S. plans to address the current economy, trade, and currency issues at the forthcoming G-7 leaders summit in France.
He reminds reporters of the United States-Mexico-Canada Agreement, or the USMCA and the European Union beef deal, and the Sino-U.S. trade talks are in the pipeline.
Kudlow’s message is that President Trump believes the U.S. economy is strong.
"Folks are working, they're spending and they're saving. Which is terrific. And there's no end, to me there's no end in sight." Tax cuts are unnecessary at this time, Kudlow tells reporters.