Since the beginning of the trade war, American economic growth has started to slow down. The consequences are: a reduction in the external deficit, due to lower imports of industrial inputs; and an increase in the fiscal deficit due to lower tax revenues.
Much of Trump's speech rested on the labor sector. It is from this that he proclaims that the U.S. economy is in a previously unseen economic boom. However, the unemployment rate is now 12 quarters below the NAIRU, indicating that the slack in the labor market has been fading.
All indications are that the economy is relying on the service sector for its weak growth while the stock markets continue to expand, more because of negative interest rates than real profitability.