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Bush to tap market in Asia
WASHINGTON. Dec 12; President Bush said on Wednesday he Intends to use his upcoming trip to Asia to expand overseas markets for American goods in a bid to pump new life into a sluggish US economy. reports Reuter.
Tn today s world. American lives and American Jobs, our prosperity, our security depend on our ability to compete and to lead.' Bush said at a fund raising luncheon for a Republican Congressional candidate.
Discussing his trip to Japan and other Aslan countries. Bush said, "We are determined to go there... to help open up new markets for American products and create new opportunities for American workers."
The answer isn't to turn inward." Bush said "It la to extend our opportunities outward."
Bush who has been criticised by Democrats for spend Ing too much time on Interna Uonal affairs, went out of his way to defend the trip as play ing a key role in his domestic strategy. , .
“With a sluggish economy, we will continue to do all we can to reach out and expand our overseas markets." Bush told several hundred persons attending the fund raiser for Sen Frank Murkowski. a Republican form Alaska
The trip to Asia and Australia, originally scheduled for last month, has been rescheduled for Dee. 30 through Jan. 10. Bush's schedule also includes stops in South Korea and Singapore
Bush has seen his popularity erode as Democrats deliver a Ude of criticism about his domestic policies and the econ omy as next year's campaign nears
"We’ve sent up three different economic growth packages in the last three years, but I Intend now to propose a new economic growth package to get this economy moving.' Bush said of legislation submit ted to Congress
Recession but
DO inflation
Meanwhile. AP adds, while many analysts believe the US economy is inching dangerously close to a renewed recession. they say one encouraging development la an almost total absence of Inflationary pressures
These analysts said the good news on Inflation will give the Federal Reserve, which already has cut interest rates 14 times since the recession began in July 1990. room to reduce rates further if economic reports continue to show widespread weakness.
Meanwhile. President
Bush’s top economic advisers prepared to face more ques Boning from Congress on what types of proposals Bush was considering putting in hia State of the Union message to bolster the sluggish economy
Economists Toth in and out of government awaited a new batch of Information on the economf s health Thursday
The Labour Department was providing an early look at price pressures in November with release of the Producer Price Index, which tracks inflation before it gets to the consumer
In addition. the Commerce Department was to release a report on the performance of retail sales last month, while the government also was providing data on how many peo Ele filed for unemployment enefits. in the week ended
November 30.
Analysts said retail sales probably would post a gain, but that the increase would be so tiny that it would not change their view that consumer spending, which accounts for two-thirds of total economic activity, is going nowhere.
The one report expected to provide a glimmer of hope was the wholesale price report, which analysts believed would show moderating price pressures following an unexpectedly sharp 0.7 per cent Jump in October.