Trump takes a victory lap over 'miracle' economic growth

President Donald Trump hailed the latest US growth statistics as an economic "miracle" Friday, saying the 4.1 percent quarterly growth rate was not a "one time shot."

"As the trade deals come in one-by-one, we're going to go a lot higher," Trump predicted, seeing evidence that his economic policies are working.

Amid concerns that a first quarter rise in US auto sales and increased foreign purchases of US exports may represent strategic buying before Trump-prompted sanctions bite, the salesman-in-chief insisted there were no clouds on the economic horizon.

"These numbers are very, very sustainable. This isn't a one time shot," he said.

Trump is looking to the humming economy to boost his Republican party's chances in tough congressional elections in November.

Throughout an administration plagued by feuds, legal travails and scandal, the economy has been a rare bright spot.

On Thursday, Trump visited Illinois and Iowa to tout his stewardship of the world's largest economy to farmers and steelworkers -- two groups that have supported him, but are feeling the bite of his policies.

Republicans jumped on the figures as evidence that their tax cuts and deregulation drive were working.

"This is exactly the type of growth we hoped for with our pro-growth economic policies," said Paul Ryan, the most senior Republican in Congress.

The growth rate was the strongest it has been since the third quarter of 2014.

"The key concern for some, though, is that it may not be sustainable given that export growth was likely juiced by pre-tariff activity," said Briefing.com analyst Patrick O'Hare.