Rolling coverage of the final day of the World Economic Forum in Davos, including Donald Trump’s speechTrump’s speech covers trade deals, North Korea and immigrationPresident describes media as ‘nasty, mean, vicious and fake’McDonnell: Labour’s deeply interested in basic incomeReport: Trump tried to fire Robert Mueller 1.48pm GMT More on the US GDP figures, which came in below expectations in the fourth quarter. Economist James Knightley at ING Bank said:US fourth quarter GDP has come in at 2.6%, a little below the 3% figure expected by the market, but this masks some real strength in the report.Consumer spending was up 3.8% while fixed investment was up 7.9% and government spending jumped 3%. However trade was the surprise weak spot, subtracting 1.1% from headline growth after a surge in imports. This will recover and we doubt it will unleash a new wave of protectionist action from President Trump, who is sounding a little more conciliatory in Davos.President Donald Trump will be disappointed today after the fourth-quarter GDP figures showed his initial targets have fallen short of the mark, but the US is still on a sound financial footing.The Trump administration had targeted 3% growth but despite the latest figures falling below expectations, the President still has reasons to be bullish. 1.47pm GMT Nariman Behravesh, the chief economist of consultancy firm IHS Global Insight, tells us:It could have been worse, but he should have stuck to the script.The prepared comments were fine. It was only when he got into the Q&A…. Continue reading…
Via: Davos 2018: Donald Trump puts North Korea high on agenda in speech putting 'America first' – live updates
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