Donald Trump boasted the ‘best is yet to come’ after the stock market hit all time highs this week.
‘With new trade deals, and more, THE BEST IS YET TO COME!,’ the president tweeted on Friday morning before he left for a round of golf at his Trump International Golf Course West Palm Beach.
Trump has made a strong U.S. economy a central tenant of his 2020 re-election campaign.
Trump boasted the ‘best is yet to come’ after stock market hit all time highs
President Trump has made a strong economy a central tenant of his 2020 campaign
The S&P 500 climbed to a record of 3,243.38
The Nasdaq rose 0.2 per cent to 9,024 upon opening, a day after crossing 9,000 for the first time
Investors welcomed news from the president on Tuesday that ‘Phase 1’ of the China trade deal was ‘getting done.’ Trump also said he and Chinese President Xi Jinping would hold a signing ceremony.
They were also pleased by a report from Mastercard SpendingPulse that showed U.S. online Christmas shopping rose 18.8 per cent over last year.
The Nasdaq rose 0.2 per cent to 9,024 upon opening, a day after crossing 9,000 for the first time. The S&P 500 climbed to a record of 3,243.38.
Additionally, President Trump has tweeted out a couple of times a CNBC article that examined the stock market’s performance of his presidency and found it outpaced his predecessors.
The S&P 500 has returned more than 50 per cent since Trump was elected, more than double the 23 per cent average market return of presidents three years into their term, according to data from Bespoke Investment Group, the article noted.
The index is set to gain 28 per cent this year – more than the average of 12.8 per cent for the third year of previous presidents.
It is headed for its biggest annual gain since 2013 – when then-President Barack Obama’s stock market returned more than 32 per cent in his third year as president.
Trump said Tuesday that the first phase of a broad trade deal with China is ‘done’ and he expects to host a signing ceremony with Chinese President Xi Jinping ‘at the right time.’
The president spoke to reporters at his Mal-a-Lago resort in Palm Beach, Florida, following a series of pre-Christmas video chats with U.S. servicemen and women overseas.
‘I will be probably doing that, yes, at the right time,’ Trump said, responding to a question about participating in a formal trade pact signing.
‘We’ll be doing a smaller ceremony. Ultimately we will be having one. The China deal—we will be having a signing ceremony.’
Investors are still waiting on the details of the deal, which will settle a 17-month trade war between the two nations.
Trump didn’t say when the event would happen – only that the two leaders would do it ‘when we get together.’
Donald Trump said Tuesday that he will have a formal ceremony to sign a trade deal with Chinese president Xi Jinping, but didn’t disclose anything about a time or place
Chinese President Xi Jinping is seen above speaking at an anniversary event marking 20 years since the Portuguese colony of Macau was handed over to Beijing. His government on Monday announced it would lower tariffs on 850 imported products
‘But we’ll have a quicker signing because we want to get it done,’ he predicted. ‘The deal is done. It’s just being translated right now.’
China’s finance ministry said Monday that it will lower import tariffs on more than 850 products beginning January 1, including frozen pork and frozen avocados.
And beginning July 1, 2020, Beijing will also shrink its tariffs on some information technology products.
A so-called phase one deal was announced earlier in December as part of a bid to end the months-long tit-for-tat trade war between the world’s two largest economies, which has sent shockwaves through markets and roiled global growth.
The United States is to agree to reduce some tariffs in return for a big increase in purchases by Chinese importers of American farm products, according to the deal that is due to be signed in January.
‘We just achieved a breakthrough on the trade deal and we will be signing it very shortly,’ Trump said at a Turning Point USA event in Florida on Saturday.