President Trump would not rule out the possibility of a recession this year during an interview aired Sunday, saying it "takes a little time" for the economy and Americans to see the benefits of his new tariffs. He discounted the recent stock market losses, contending "you have to do what's right" whether the markets like it or not, the Washington Post reports. Trump made the comments an interview for Fox News Channel's Sunday Morning Futures. He also discounted concerns that businesses need clarity and before making decisions about investments.
Businesses always say they need clarity, Trump said, calling it "almost a sound bite." He added that US tariffs "may go up. I don't think we'll go down." Asked by host Maria Bartiromo about the Federal Reserve Bank of Atlanta's forecast that US economic output will shrink 2.8% this quarter, after growing for almost three years, Trump did not push back. "I hate to predict things like that," he said, per the AP. "There is a period of transition because what we're doing is very big. We're bringing wealth back to America." Throughout President Biden's term, economists warned that a recession was imminent, but it never arrived, the Post points out.
Trump said he's still planning to impose reciprocal tariffs against all trading partners with tariffs on US goods, per NPR. "April 2nd, it becomes all reciprocal," he said. "What they charge us, we charge them." Commerce Secretary Howard Lutnick, on the other hand, said Sunday on NBC's Meet the Press that there's no need to brace for a turndown. "There's going to be no recession in America," Lutnick said. (More President Trump stories.)
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