G7 attacks Trump plan for tariffs that 'put USA economy in jeopardy'

G7 attacks Trump plan for tariffs that 'put USA economy in jeopardy'

Trump was foreshadowing a glowing unemployment report that showed the jobless rate dipped to an 18-year low of 3.8 percent.

President Trump tweeted, "Looking forward to seeing the employment numbers at 8:30 this morning", at 7:21 am EST.

Trump's tweet appeared to violate a federal law banning government officials from commenting on the monthly jobs report until an hour after its release.

The yield on the 10-year Treasury note, which moves in the opposite direction of price, was at 2.885% at the time of Trump's tweet, The yield quickly moved up to 2.895% after the tweet, and climbed as high as 2.922 after the official release of the jobs report.

Spicer said at the time that his understanding of the rule was that it was created to avoid affecting the stock market and noted that he was only tweeting the headline numbers that news organizations around the world already had reported.

"He simply ignored the wall", New York University presidential historian Timothy Naftali said of Trump's post Friday.

Trump's apparent indication that a strong jobs report was on the way could have had a profound effect on the domestic and global markets.

Industrial production recorded its third straight month of gains, while more than three out of four manufacturers reported hiring more workers and investing more in plants and equipment.

"President Trump was sent the jobs numbers in advance", said Jason Furman, an economist at Harvard University's Kennedy School of Government who was chairman of the Council of Economic Advisers in Obama administration.

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"The idea that our soldiers who have fought and died together in the mountains of Afghanistan and stood shoulder to shoulder, somehow this is insulting to them", he said in an interview with NBC's "Meet the Press". He suggested that Trump "should never get" an advance briefing on future reports, a comment that drew tweets of criticism from Trump supporters.

The jobs report has heavy influence on financial markets and is closely guarded by federal officials.

The Labor Department works hard to keep the market-moving numbers a secret ahead of their 8:30 a.m. ET release.

Austan Goolsbee, another former CEA chair under Obama, tweeted "If the president just tipped that the numbers are good, he broke the law".

"About two-thirds of the drop in the unemployment rate in May was because workers found jobs, while about one-third of the drop was from people leaving the labor force", wrote EPi economist Elise Gould in a blog post.

"It's possible, absolutely. I don't think it has right now", Mr. Kudlow said on "Fox News Sunday". "He wants to be the source of all the good information, and anything that doesn't come from him, if it in any way shows a less-than-positive aspect of his administration, he decries as fake".

"Why not?" Kudlow said.

Tony Fratto, a former Treasury and White House official in the George W. Bush administration, objected on Twitter to the assertion by former Obama administration economic official Austan Goolsbee that Trump had divulged classified information.

"The United States has been taken advantage of for many decades on trade", Trump said in a statement.

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