Trump said Building a strong America is what I have to do, I have no time for the stock market. China makes a 100 year plan while the US makes plans by the quarter, it doesn’t work, I have to do the right thing.
President Donald Trump told Fox News on Sunday, March 9, that his tariffs and trade policies could bring about some turbulence , and he did not rule out the possibility of a U.S. recession this year.
Trump told Fox News’ Sunday Morning Futures program I hate predicting these kinds of things. People are going to see a transition because what we’re doing is very important and we’re bringing wealth back to America.
The taped interview comes after Trump tariffs sent shockwaves through the U.S. stock market. The Trump administration first wanted to impose 25 tariffs on Mexican and Canadian goods, then delayed the effective date of tariffs on some of those products for a month, when Trump would announce reciprocal tariffs on other countries.
U.S. stock futures for all three major indexes were down Monday as of press time, with all three indexes having moved from gains to losses on the year.
The erratic tariff policy has unnerved investors. Tariffs could lead to higher prices for U.S. consumers, and signs of a slowdown in the U.S. economy have sparked fears of a recession.
U.S. Commerce Secretary Howard Lutnick Howard Lutnick said on another TV program on Sunday that a recession is definitely not on the horizon.
Speaking on NBC’s Meet the Press, Lutnick said there will be no recession in the United States. He said Trump’s reciprocal tariffs will eventually drive down prices and bring an economic boom to the United States. Lutnick said the U.S. economy is going to see a number of spectacular increases over the next two years, and I would never bet on a recession.
Lutnick also confirmed that Trump’s 25 tariffs on steel and aluminum, including those from Canada and Mexico, will go into effect on Wednesday, and that reciprocal tariffs will go into effect on April 2nd. Lutnick said Trump will negotiate separately with the countries concerned to lower the trade barriers imposed by other countries on American farmers, ranchers and fishermen. Trump said on Friday that reciprocal tariffs on Canadian dairy products and lumber could be as high as 250 .
Lutnick says Will these policies create distortions? Of course they will, foreign goods may get a little bit more expensive, but American goods will get cheaper and you can help Americans by buying American goods.
Kevin Hassett, director of the White House National Economic Council Kevin Hassett said on ABC’s This Week that the Trump tariffs will boost job growth. He said President Trump wants to bring jobs back to America, wealth back to America, wages back to America.
Michigan Democratic Senator Elissa Slotkin Elissa Slotkin told NBC that she’s not against the tariffs, she’s against the way Trump is handling them. Slotkin says his erratic behavior will only lead to chaos.
Michigan is probably one of the states that will be most affected by the tariffs because of its geographic location manufacturing and agriculture, among other things, and its biggest market is Canada. Slotkin said So I’d like to see Trump deal with tariffs in a more flexible way rather than wielding a sledgehammer.
Hassett says Currently global trade policy is very, very unbalanced, with high tariffs on U.S. goods by other countries and very low U.S. tariffs on goods from other countries.
Trump also raised tariffs on Chinese goods last week by a further 10 , to 20 .
When asked if he could make the tariffs clearer to the business community, Trump told Fox News that the tariffs probably won’t go down and could go up over time. Trump said Building a strong America is what I have to do, I can’t take into account the feelings of the stock market, China makes a 100-year plan and the U.S. makes a plan on a quarterly basis, it doesn’t work, I have to do the right thing.
The Trump administration is also currently cutting staffing and budgets at federal agencies, but the Musk-led Department of Government Efficiency has run into some resistance, with some of its spending freezes and layoffs struck down by the courts, and agency heads are pushing back.
Musk got into an argument with senior Cabinet officials, including Secretary of State Marco Rubio, at a meeting last week, the New York Times reported. Musk and Rubio clashed over layoffs, the report said.
Trump later posted on his social media accounts that Musk and Rubio have a good relationship .
White House press secretary Caroline Leavitt Caroline Leavitt told reporters Sunday that Trump had dinner with Rubio and Musk at the Haywood Estate on Saturday, and that Fox News host Sean Hannity had also visited briefly.
Text Janet H Cho
Editor Guo Liqun
Impressum
Barron’s barronschina Original article may not be reproduced without permission. For the English version, see the March 9, 2025 report Trump Won’t Rule Out Potential Recession This Year .
The content of this article is for reference only and does not constitute any form of investment or financial advice Markets are risky, investment must be cautious.
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