It has been six months since US President Donald Trump took office.
Amid a slow and disorderly White House transition – including a string of high profile departures – and an ongoing investigation into his Russia ties, Trump is trying to divert the world’s attention onto the US economy.
The Dow Jones Industrial Average hit the 22,000 mark for the first time in its 121-year history. Stocks headed higher even as Wall Street lost confidence that Trump’s election proposals like tax cuts and infrastructure spending will be pushed through Congress.
There’s expectations of a loosening of Wall Street rules put in place after the financial crisis, which has given a boost to financial stocks like Goldman Sachs. The second quarter earnings season has also been largely better than expected.
The US Commerce Department estimates the economy grew at a 2.6 percent annual rate in the April-June period.
But Trump’s tax cuts are months behind schedule. The failure of healthcare reform raises questions about his ability to get a budget passed. And there’s also a great deal of uncertainty about his trade policies.
So what’s the state of US economy and what’s Trump’s got to do with it?
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In This Story: Goldman Sachs
The Goldman Sachs Group, Inc. (NYSE: GS), is an American multinational investment bank and financial services company headquartered in New York City. It offers services in investment management, securities, asset management, prime brokerage, and securities underwriting.