U.S. President Donald Trump downplayed growing concerns about a potential economic recession, expressing confidence in the strength of the American economy despite the sharp decline in Wall Street markets.
Speaking to reporters at the White House, Trump stated that he sees no signs of an impending recession, emphasizing that market sell-offs “do not worry him.”
During a press briefing aboard Air Force One, Trump avoided giving a direct answer regarding the impact of tariffs on the economy but insisted that these tariffs would generate “hundreds of billions of dollars,” strengthening the U.S. economy, creating more jobs, and opening new factories. He further asserted, “We will become so wealthy that we won’t even know where to spend all this money… just wait and see what happens.”
Despite Trump’s optimism, JPMorgan Chase has increased its estimate of the likelihood of a U.S. recession to 40% from 30%. Similarly, Goldman Sachs revised its recession probability from 15% to 20%, citing concerns over trade policies and tariffs affecting economic growth.
Source: CNBC