(Bloomberg) -- The White House acknowledged what many economists considered obvious through much of last year: President Donald Trump’s trade stance depressed economic growth and business investment.“Uncertainty generated by trade negotiations dampened investment,” Trump chief economist Tomas Philipson
The White House acknowledged what many economists considered obvious through much of last year: President Donald Trump’s trade stance depressed economic growth and business investment.
Even so, the deleterious effect of trade uncertainty got barely a mention in a 435-page economic report that frequently extolled the president’s programs and argued that they’ve led to a “great expansion” that is benefiting a broader swathe of Americans. “These reasons make it difficult to isolate the effects of trade policy uncertainty, and possibly result in an upward bias of its effects on the global economy,” they added in the report.
“Three years into the Trump administration, the U.S. economy continues to outperform pre 2016 election expectations,” Philipson told reporters. “The economy is lowering inequality both in terms of income and wealth. That reverses the previous part of the expansion.”
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