TRUMPONOMICS:

Chief White House economist Tomas Philipson acknowledged Thursday that the trade war has hurt business investment, which the president wrongly predicted would spike after his 2017 tax cuts overwhelmingly benefited corporations and the rich.

"Uncertainty generated by trade negotiations dampened investment," Philipson told reporters during a briefing on the Economic Report of the President, according to Bloomberg News.

Despite the admission, the 435-page report "barely" mentions the harmful effects of the tariffs as it argues that Trump's policies have led to a "great expansion," the outlet reported.

Philipson, who heads the Council of Economic Advisers, did not say how much the trade war has impacted investment. He cited a Federal Reserve study, which found it could reduce economic growth by about 1%.

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