President Donald Trump reminded the world Wednesday that even after a December stock “glitch,” the market is still up 30 percent, with more trade deals coming.
“We had a little glitch in the stock market last month, but we’re still up about 30 percent from the time I got elected,” Trump said during a Wednesday Cabinet meeting at the White House. He assured the market is “going to go up once we settle trade issues and a couple of other things happen” and has “got a long way to go.”
Trump described America as doing better than all other countries in the world: “We’re the talk of the world.”
The Trump administration has renegotiated trade deals with South Korea (KORUS), and Canada, and Mexico. A U.S.-U.K. regulatory working group has been established to forge economic details and potential future trade agreement details ahead of the United Kingdom’s exit from the European Union. Japan has worked with the U.S. on trade agreements. China and the U.S. continue to work on details of a trade deal and have made plans to hold another in-person meeting in the month of January.
Trade talks over the revised NAFTA, now deemed the USMCA or U.S.-Mexico-Canada trade agreement and between the U.S. and China brought ups and downs throughout the year. By the 2018 year end, there was a new U.S.-Mexico-Canada agreement, but the U.S.-China talks continue into 2019.
News reports have centered around a downtick in the stock market and volatility in the month of December. The Dow Jones industrial average also hit a historic high over 26,700 in 2018 and ended the year at over 23,300.
Just a few days before Donald Trump was elected as president in November 2016, the Dow Jones industrial average was just over 17,800. The Dow Jones level at year’s end 2018 was more than 30 percent higher than in the days before he was elected.
Late in 2018, Federal Reserve Chairman Jerome Powell announced the Fed would raise interest rates by a quarter percent and that he expects to see two more rate increases in 2019.