"ALLEN: Inflation in August ticking up to 4.3%, the highest since '21. Manufacturing activity shrank in August, six months running. Unemployed workers exceeding job openings. If Biden had numbers like that, you'd be on Fox saying, What's going on? LUTNICK: So, the economy that Donald Trump owns starts at the end of this year. You can't ALLEN: It doesn't work that way. LUTNICK: Wait, wait, wait."
"Lutnick went on to insist that anyone worried about the economy is worried incorrectly and looking in the wrong direction. On April 2, Trump announced what he called Liberation Day, and unveiled sweeping tariffs on dozens of countries. Trump circumvented Congress and imposed the tariffs unilaterally. The Supreme Court has agreed to hear arguments in a lawsuit challenging them. That case is really important to win because it's made us a rich country, Trump said on Friday."
Commerce Secretary Howard Lutnick insisted the current state of the economy is not the result of President Trump’s policies, arguing that economic projects take time to materialize. Mike Allen rebuked that timeline amid increasingly bleak data: August inflation rose to 4.3%, manufacturing activity shrank for six months, unemployed workers now exceed job openings, while U.S. stock markets hit record highs. Lutnick emphasized unprecedented corporate commitments to U.S. factory builds. On April 2, President Trump announced wide tariffs called Liberation Day, imposed unilaterally, and the Supreme Court agreed to hear a legal challenge to those tariffs. Trump called winning that case important and credited tariffs with national wealth.
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