Is the United states headed into a recession? President Trump refused to rule it out. Trump's on-again, off-again tariff threats against Canada, Mexico, China and several other nations have left the U.S. financial markets in turmoil and consumers wary.
U.S. President Donald Trump dismissed business concerns over the uncertainty caused by his planned tariffs on a range of American trading partners and the prospect of higher prices.
And he also did not rule out the possibility of a recession this year.
After imposing and then quickly pausing 25% tariffs on imports from Mexico and Canada, Trump says his plans for broader “reciprocal” tariffs will go into effect April 2, raising them to match what other countries assess.
“April 2nd, it becomes all reciprocal,” he said in a taped interview with Fox News Channel's “Sunday Morning Futures.” “What they charge us, we charge them.”
Asked about the Atlanta Fed's warning of an economic contraction in the first quarter of the year, Trump seemingly acknowledged that his plans could affect U.S. growth. Still, he claimed, it would ultimately be "great for us.”
When questioned whether he was expecting a recession in 2025, Trump responded: “I hate to predict things like that. There is a period of transition because what we’re doing is very big. We're bringing wealth back to America. That's a big thing.”
He then added, “It takes a little time. It takes a little time."
Separately, the president also addressed questions on the U.S. ending its financial backing of the war in Ukraine.
(AP)
