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"Expectations, which had declined in June and July, bounced back in August and continue to suggest solid economic growth for the remainder of 2018," said Lynn Franco, Director of Economic Indicators at The Conference Board.

"Escalating trade tensions will invite retaliation targeted at our farmers and will raise the price of ag equipment and inputs. We are working to ensure that American farmers are making their voices heard so that we avoid a trade war," he said.

"Dr Tony Fauci is a valued member of the White House Coronavirus Task Force. We just completed our latest meeting today, and we couldn't be more grateful for his steady counsel as we continue to meet this moment with a whole-of-government approach, a whole-of-America approach," Pence said.

"Economic instability leads to political instability, which leads to civil war, riots and political unrest," he said, adding that countries that are already going through hard times economically are more vulnerable to such impact.

"Economists nearly unanimously agree that tariffs have negative economic effects, and this has been observed time and time again when countries impose tariffs," said Erica York, an analyst with the Center for Federal Tax Policy at the US Tax Foundation, who wrote the report titled The Impact of Enacting President Trump's Tariffs. The foundation is an independent tax policy nonprofit.