NEW YORK: US President Donald Trump said the US could go into a recession shortly, but the country’s economy will flourish in the long ru...
NEW YORK: US President Donald Trump said the US could go into a recession shortly, but the country’s economy will flourish in the long run.
Asked whether the US could descend into a recession, he replied, "Anything can happen, but I think we’re going to have the greatest economy in the history of our country."
According to the president, he is not much worried about the prospect
"This is a transition period. I think we’re going to do fantastically," Trump said.
Earlier, former US Treasury Secretary Janet Yellen said in an interview with the Financial Times that the US is facing a recession due to Trump's tariffs. She said the US is heavily dependent on key minerals from China, so tariffs on Chinese imports could hugely weaken entire sectors of the US economy.
US President Donald Trump on April 2 announced that the US was imposing tariffs on 185 countries and territories. Tariffs for China reached 145%, while Beijing raised its own tariffs on US goods to 125% from April 12.
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