US' year-end outlook is grim, whipping up fears that Trump's trade wars could push the world's largest economy into recession
The engine and drive train are pictured with the body on the assembly line at the General Motors manufacturing plant in Spring Hill, Tennessee, US, August 22, 2019.
The year-end outlook is grim, whipping up fears that as the global economy slows, Trump's trade wars with China and Europe — with tariffs on hundreds of billions of dollars of goods — could push the world's largest economy over the edge and into recession. "It's like a nosedive," he said, warning that recession risks were mounting. "I think if we stay below 50 for a couple more months, it's not going to feel very good."
But in an irate television appearance, Trump's senior trade adviser Peter Navarro accused the news media of "singing some song" about a weakening economy. In Michigan's Oceana County, where Republican support surged in the 2016 elections, a steel foundry operated by train manufacturer Wabtec announced last month it would close by the end of the year and lay off 61 workers due to "declining business conditions."
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