There was good news and bad news in Friday’s report on U.S. economic growth, but the bad outweighed the good. If President Donald Trump wants to improve conditions — both in the economy and for his re-election — then he might start by ending his trade war with China.
First the good news. Growth for the second quarter was 2.1%, much better than expected. Year-over-year growth had reached a low of 1.3% in the second quarter of 2016, in the midst of a global slowdown and a crash in oil prices. The rebound was stronger than originally thought. With an added boost from the 2017 tax cuts, year-over-year GDP growth hit a peak of 3.2% in the second quarter of 2018.