Trump says US economy will experience ‘period of transition’ when asked about recession chances

President Donald Trump

declined to explicitly rule out a full-blown recession for the U.S. economy this year, telling Maria Bartiromo in a recent “Sunday Morning Futures” exclusive that the country will see a “period of transition” as his policies take effect.

“I hate to predict things like that,” he said of a recession. “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… it takes a little time, but I think it should be great for us.”

The president’s comments come amid some business leaders’ instability concerns over tariffs imposed on China, Canada and Mexico, as well as growing concerns of a potential economic slowdown. 

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The Atlanta Federal Reserve has predicted a contraction of -2.8% in the first quarter, Bartiromo pointed out.

Goldman Sachs raised the expectations of a recession within the next 12 months to 20%, while JP Morgan says the probability of a recession stands at 35%.

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Commerce Secretary Howard Lutnick offered a more definitive answer when asked about the possibility of a recession on Sunday, telling NBC News’ “Meet the Press” he would “never bet on” one.

“There’s going to be no recession in America… no chance,” he said.

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