WASHINGTON — As the stock market tumbles amid ongoing trade wars and uncertainty over associated tariffs, President Donald Trump won’t say whether he expects a recession.
During an interview Sunday with Fox News, Trump dodged a question from host Maria Bartiromo about whether or not he expects a recession this year.
“I hate to predict things like that. There is a period of transition because what we’re doing is very big,” Trump said. “We’re bringing wealth back to America. That’s a big thing.
“I think it should be great for us. I mean, I think it should be great.”
When Bartiromo later mentioned the decline of the stock market, Trump said “well not much, in all fairness.”
On Monday however, the market took its biggest hit of the year as stocks tumbled, cryptocurrency fell and all three major indexes opened in the red and never recovered. The Dow Jones Industrial Average and the S&P 500 each posted its worst day of the year, according to CNN. The Nasdaq suffered its biggest one-day decline since September 2022.
As of 1:30 p.m. Tuesday, all three indexes were in the red again for the day, with less than three hours of trading remaining. For the year-to-date, the Nasdaq is down approximately 10 percent, the S&P 500 is down 5.5 percent and the Dow is down 2.7 percent.
Although the market showed signs of concern, the White House says the economy is in a good spot.
“President Trump delivered historic job, wage, and investment growth in his first term, and is set to do so again in his second term,” said White House spokesperson Desai in a statement.
Trump met with several tech industry CEOs Monday in a closed-door meeting, according to the Associated Press. Trump did not speak to the media Monday, but did spend time on his Truth Social media account.
The president shared dozens of posts and articles praising him, at one point making 80 posts in less than an hour.
On Tuesday, Trump announced he is doubling a planned tariff of Canadian steel and aluminum to 50%. That tariff will go into effect Wednesday.
“The only thing that makes sense is for Canada to become our cherished Fifty First State,” Trump posted on Truth Social. ”This would make all Tariffs, and everything else, totally disappear.”
In response to the move, Ontario Premier Doug Ford criticized Trump and called on the American people and business leaders to pressure Trump to put an end to the trade wars.
“If we go into a recession it’s self made by one person. It’s called President Trump’s recession,” Ford said. “It shouldn’t be this way. We should be booming, both countries.”
On Monday, Ford confirmed a 25% tax increase would be placed on electricity exported from Canada to the U.S., In another social media post Tuesday, Trump threatened Canada for the move, saying the country ”will pay a financial price for this so big that it will be read about in History Books for many years to come!”
