U.S. President Donald Trump said in a special address at the Asia-Pacific Economic Cooperation (APEC) CEO Summit held in Gyeongju on the 29th that inflation (consumer prices) is trending downward and approaching 2%.

Trump then touted his economic performance since taking office, saying the U.S. third-quarter economic growth rate will reach 4%. This year, the U.S. gross domestic product (GDP) growth rate contracted 0.5% in the first quarter on an annualized basis but rebounded to 3.8% in the second quarter.

U.S. President Donald Trump delivers a speech at the APEC CEO Summit held at Gyeongju Arts Center on the 29th. /Courtesy of the Korea Chamber of Commerce and Industry

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