The economy of the US has encountered one of the greatest rises in the second quarter in the past four years. According to the statistics, it has bloated by 4.1% annually. The customer’s spending has increased exponentially while the exports have also splurged in the endeavor of the organizations to dominate the negative impacts of the trade tariffs. On the other hand, the US president Donald Trump is delighted about the steep hike in the economic growth graph and held his new policies to be the prime contributors to the same. However, the analysts believe that the hike may settle down in the days to come.
The newly instated tariffs have intensely affected the outcomes of the market. It had not only triggered a trade war between the US and China but also compelled the other countries to retaliate in the similar tone.
The analysts have scrutinized the present scenario of the market in order to understand the attributes that have played a major role in raising the economic growth. It was found that the investment of the consumers has increased by 4% which was 0.5%. Along with it, the exports have also enjoyed the fastest growth of 9% since 2013.
From 2012 to 2017, the US economy enjoyed an annual growth of 2.2%. However, this number bloated when the long-stretched unemployment saw a new light.
The President of the US also stated that the White House had not left any stones unturned to streamline the economic growth of the country in the path of success. He mentioned tax cuts, enhanced investments of the government, de-regulation, and ongoing trade negotiations as the primary reasons for the economic growth.
He is also expecting the GDP to rise by more than 3% in this year and is also hopeful regarding the following quarters.