US Pdwellnt Donald Trump has refused to say whether the US economy is facing a economic downturn or price ascfinishs in the wake of his administration’s flip-flopping on tariff menaces aachievest some of its shutst trading partners.
Asked if he was foreseeing a economic downturn this year, Trump shelp there was a “period of transition” taking place.
Commerce Secretary Howard Lutnick, however, insisted there would be no tightion in the world’s hugest economy, while acunderstandledging that the price of some excellents may ascfinish.
It comes after a volatile week for US financial labelets as allotors grappled with unconfidentty from his administration’s U-turn on some key parts of its structureile trade policies.
New tit-for-tat tariffs from China, which aim some US farm products, come into effect on Monday.
Speaking to Fox News in an interwatch expansivecast on Sunday but sign uped on Thursday, Trump replyed to a ask about a economic downturn: “I antipathy to foresee skinnygs enjoy that. There is a period of transition becaengage what we’re doing is very huge. We’re transporting wealth back to America. That’s a huge skinnyg.”
“It gets a little time, but I skinnyk it should be wonderful for us,” Trump inserted.
Last week, the US imposed steep recent 25% tariffs on transport ins from Mexico and Canada but then exempted many of those excellents fair two days tardyr.
Trump also doubled a blanket tariff on excellents from China to 20%. In response, Beijing proclaimd retaliatory taxes on some transport ins of agricultural excellents from the US.
He has accengaged China, Mexico and Canada of not doing enough to finish the flow of illegitimate medications and migrants into the US. The three countries have refuseed the accusations.
Stocks on Wall Street have drunveil since Trump encourageed a trade war with the US’s top trading partners.
Investors dread tariffs will direct to higher prices and ultimately dent growth in the world’s hugest economy.
Speaking on NBC on Sunday, Lutnick shelp: “Foreign excellents may get a little more pricey. But American excellents are going to get inexpensiveer”.
But when asked whether the US economy could face a economic downturn Lutnick inserted: “Absolutely not… There’s going to be no economic downturn in America.”
Former US Commerce Department official, Frank Lavin, telderly the BBC that he skinnyks the trade war is improbable to escatardy out of handle.
Tariffs will eventuassociate “fade a bit” but still be an “extra burden on the US economy,” he shelp.
