US President Donald Trump once again dismissed concerns about a potential recession on Tuesday, that many investors are fearing.
During a recent exchange with ABC News’ White House correspondent Karen Travers, when asked if he believed a recession was likely, Trump responded, “I don’t see it at all. I think this country is going to boom.”
He acknowledged the challenges of his approach but expressed confidence in its outcomes. “I can do it the easy way or the hard way. The hard way to do it is exactly what I’m doing. But the results are going to be 20 times greater,” he said. Trump further asserted on his remarks by saying, “Remember- Trump is always right.”
Trump made these remarks as he stood with billionaire Elon Musk whilst acquiring a Tesla Inc. automobile. This purchase appeared to demonstrate support for his associate following Tesla’s significant share price decline on Monday.
Trump has dismissed recession concerns earlier as well. During a an interview with Fox News on Sunday, Trump had said, “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. “It takes a little time,” he added.
Turbulent Wall Street
Trump’s assertion against possible recession comes as Wall Street experienced another turbulent day on Tuesday, continuing a period of losses driven by uncertainty over his shifting tariff policies. Trump’s mixed messages on increasing tariffs against Canada unsettled investors, adding to concerns about a potential economic slowdown.
The Dow Jones Industrial Average fell 1.1%, the S&P 500 dropped 0.8%, and the Nasdaq Composite slipped 0.2%, following Monday’s sharp declines. Market volatility has been fueled by fears of a correction, with the S&P 500 briefly falling more than 10% below its recent record high.
Despite the overall decline, major tech stocks like Tesla and Nvidia showed some resilience, helping the Nasdaq recover part of its losses. Analysts warn that prolonged uncertainty over trade policies may continue to pressure the markets.