"He accused The Wall Street Journal of jumping to doomsday scenarios by focusing on outliers in the data. They just immediately gravitate to this doomsday scenario because The Wall Street Journal Editorial Board can't stand the president's policies, a bunch of grumpy old men over there do not want to admit that they have been fantastically wrong, everything that they have stood for is crumbling, [and] that they created this terrible trade situation he said."
"In October, we had the best trade number, the smallest trade deficits since 2009. I've been in the investment business 35, 40 years. When I first started, 1980s, 1990s, trade used to contribute to GDP. But then we got to these massive trade deficits and it was, as Ross Perot said, it was a giant sucking sound. So everyone was, oh my gosh, what is it was unexpected that the GDP was so strong in October. It was strong because of exports."
Critics of widespread tariffs are said to have overlooked recent large trade agreements and focused on misleading outliers, producing pessimistic forecasts. The smallest U.S. trade deficit since 2009 occurred in October, driven by rising exports, which contributed to unexpectedly strong GDP performance that month. Long-term trade patterns shifted from contributing to GDP in the 1980s and 1990s to generating large deficits later, described as a "giant sucking sound." The combination of tariffs and negotiated trade deals is credited with narrowing deficits and reversing some lost manufacturing and export activity.
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