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Trump's Trade War With China Drives Down US Business Investment

Credit: Wochit
Published on October 20, 2019 - Duration: 00:40s

Trump's Trade War With China Drives Down US Business Investment

US business investment contracted more sharply than previously estimated in the second quarter.

Reuters reports corporate profit growth was also tepid.

The news casts a shadow on an economy that is being stalked by financial market fears of a recession.

The downturn in business spending has been blamed on the Trump administrationโ€™s nearly 15-month trade war with China.

The Commerce Department reported the soft investment and sluggish profit gains on Thursday.

The news could raise doubts on consumersโ€™ ability to continue driving the economy.

Fed Chairman Jerome Powell said trade policy uncertainty has discouraged businesses from investing in their companies.

[Trade policy tensions] have waxed and waned, and elevated uncertainty is weighing on U.S. investment and exports.

Federal Reserve Chairman Jerome Powell

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