Kudlow: Trade Dispute Could Jeopardize Jobs Growth

President Donald Trump

Evan Vucci Associated Press President Donald Trump

Trump had good reason to be happy.

"He chose to tweet", Kudlow said, adding that he briefed the president about the report on Thursday. Now, there's no law against that, but there is a federal rule dating back to 1985 that says: "All employees of the Executive Branch who receive pre-release distribution of information and data estimates. are responsible for assuring that there is no release prior to the official release time".

On Thursday night, Larry Kudlow, President Donald Trump's economic adviser, briefed Trump about the jobs data while they were travelling together aboard Air Force One.

Trump's tweet sent yields on Treasury bonds higher on the expectation of good news while raising alarm among former White House economists on Twitter.

When contacted by CNBC for comment on the controversy, the White House argued that it was OK for Trump to push the job numbers since "he didn't put the numbers out".

The May jobs numbers, released Friday morning, were excellent.

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Kudlow told reporters that the president did not reveal the details of the report and said it was no big deal that he tweeted a preview of its release. "I think it's according to routine".

"You should have gotten the employment numbers from the Council of Economic Advisers yesterday", tweeted Jason Furman, who chaired the council under Obama from 2013 until early 2017.

Kudlow said of the way he personally handled it, giving it to Trump the evening before, "by law and custom, that is correct".

Finance ministers from six of the G7 members have condemned President Trump's decision to impose tariffs on some of America's allies.

At least one close observer of US financial markets viewed Trump's tweet as unusual. "There wasn't a reaction beyond the markets' reactions to other (Trump) tweets", he said. Indeed, U.S. stock futures took the hint, pointing to a higher market open on Friday. Bloomberg News data also showed that the value of the US dollar moved sharply higher after the Twitter post compared with previous trades the mornings jobs data are released.

Naftali said Friday's comment by Trump was the latest example of the president's effectively acting as his own communications director, a role in which constantly touts reports he thinks make him look good and undermines data - even government data - that he dislikes.

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Some people will never even manage to do one thing or the other, but to do both at the same time is nothing short of incredible. All the while, he has gone back and forth between football and his medical studies. "Being balanced is the key to success ".

"Risks are brewing. with the latest round of tariffs on aluminum and steel", said Joseph Song, an economist at Bank of America Merrill Lynch.

Those anxious that tariffs could backfire by killing U.S.jobs need to remember that nobody has been more effective in building up the poor than President Trump, according to his senior trade adviser.

The incident marked the second time that Trump may have strayed beyond the boundaries set by the Office of Management and Budget directive.

Trump is not the first USA president to chart the White House's own schedule for commenting on major economic reports. "As has been said so many times by the president's supporters as well as his critics, this is another case where it would be better for President Trump would be wise to spend his time doing something other than tweeting".

May's jobs report is great news for America, but awful news for Democrats hoping to win election in November.

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