President Donald Trump expressed concerns about a short-term recession on Friday, saying the U.S. economy is in a "transitional period" and that the country will "do it wonderfully."
"You said, 'Some people on Wall Street said.' Well, I'll tell you other things: Some people on Wall Street say we'll have the greatest economy in history." Trump told Kristen Welk in an interview with NBC News that she asked Wall Street about the possibility of a recession growing.
"Why don't you talk about them? Because some people on Wall Street say it's the greatest thing that's going on."
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Asked if the president thinks the recession is OK in the short term trying to achieve his long-term goals, Trump said: "Yes, everything is OK. What are we, I say it's a transition period. I think we'll do it wonderfully."
Concerns about the recession have grown lately after Trump imposed tariffs on various countries, including China, which could lead to higher prices and supply chain problems.
President Donald Trump expressed concerns about a short-term recession on Friday, saying the U.S. economy is in a "transitional period" and that the country will "do it wonderfully." (Andrew Harnik/Getty Images)
Since he took office, Trump's rating of his handling of the economy has also declined somewhat.
"Gas oil just broke $1.98 a gallon, the lowest in a few years, groceries (and eggs!) fell, energy lower, mortgage rates fell, jobs strong, and more good news, as billions of dollars in tariffs poured in."
"Like I said, we're just in a transitional phase, just getting started! Consumers have been waiting for years for prices to fall. Without inflation, the Fed should lower its interest rates!!!"
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"You said, 'Some people on Wall Street said.' Well, I'll tell you other things: Some people on Wall Street say we'll have the greatest economy in history," Trump told Kristen Welk in an interview with NBC News. (Michael Nagel)
Earlier this week, the president admitted that tariffs could raise prices in the near term.
"You know, somebody said, 'Oh, the shelves are going to be open.' Well, maybe the kids will have two dolls, not 30 dolls, maybe those two dolls will cost a few dollars, not the usual ones.
Trump said the United States needs to sign a "reasonable deal" on tariffs. (Brendan Smialowski/AFP via Getty Images)
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"But we're not talking about what we have to do all we can," he added. "They have ships full of things, and we don't need those things. We have to make fair deals. We've been stripped of every country in every country in the world, but I'm going to say that China is ahead."