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27 Sep, 2019 14:12

US economy at ‘early stages of recession,’ strategist tells RT’s Boom Bust

US economy at ‘early stages of recession,’ strategist tells RT’s Boom Bust

Japanese Prime Minister Shinzo Abe and US President Donald Trump clinched a trade agreement this week that cuts tariffs on farm and industrial products.

It will open new markets for $7.2 billion in American agricultural goods.“It will be a solid deal when it’s all set and done,” Todd Bubba Horwitz, chief strategist at Bubba Trading tells Boom Bust. However, he points to a slowdown in the US economy and a sharp contraction in investments.

“I think we are at very early stages of recession…” the strategist says, adding: “Everybody keeps saying it doesn’t matter, this is not 2007. No, it’s not 2007, it’s 2019.”

Horwitz explains: “We are seeing slowing of growth, we’re seeing some issues in the jobs market now, and we’re seeing liquidity problems with the banking system. So, you start to put all these issues together… Of course, it’s different this time but we all know that it’s never different. And they can only cheerlead and hold these markets and economy together so much longer until it’s going to see some meltdown.”

For more stories on economy & finance visit RT's business section