US President Donald Trump has stated that his administration is looking at possible tax cuts, stressing that this is something he is thinking about, but that he's not talking about doing anything just yet.
He continued by saying that the Federal Reserve System (Fed) needs to be proactive and cut interest rates.
"We're very far from a recession", Trump told reporters.
He also emphasised that the United States is doing well on the economy, but "the fact is somebody had to take China on”.
Trump has been talking about the economy in recent days and brushing off recession fears. A strong economy is presumed to be key to his re-election promises in 2020, but trade tensions with China are stoking concerns about an impending slowdown.
The statement comes amid trade tensions between the US and China, which seem to be having a significant effect on financial market conditions and the overall US economy, according to Fed Chairman Jerome Powell.
At the end of July, the US Federal Reserve’s policy-setting Federal Open Market Committee (FOMC) said in a statement that the United States’ benchmark interest rate would decrease by 25 basis points to a range of 2 percent to 2.25 percent. The rate cut was the Federal Reserve’s first since the 2008 financial crisis, which needed a series of rate cuts to stop the so-called Great Recession from turning into a second Great Depression.
The US president went on to say that the administration is in very meaningful discussion with the Democrats on some sort of gun legislation. Trump added that he is "a strong believer in the second amendment's right to bear arms".
Meanwhile, Democratic leaders in both the US House and Senate slammed President Donald Trump for his apparent reversal on support for legislation that would call for more intensive background checks on all gun purchases in the United States.
On 18 August, after being asked about gun control laws, Trump told CNN that the United States already has "a lot of background checks", and the focus should be on mental health.
Earlier this month, 22 people were killed and more than 20 wounded after a gunman opened fire in a Walmart shopping centre in El Paso, less than 24 hours before a gunman killed nine people and wounded 27 others in a separate shooting in Dayton.
Russia's Return to G8
Donald Trump further elaborated that he could "certainly" support Russia's return to the G8.
"We talk about Russia because I've been to numerous G-7 meetings", Trump said, according to a White House pool report. "I think it's much more appropriate to have Russia in".
Before heading to the G7 summit in Canada in June, Trump told reporters that Russia should return to the group of highly industrialised countries.
The G7 currently includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The group used to be called the G8 before Russia's membership was suspended in 2014 after the outbreak of the Ukrainian crisis.