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Business & Economy

Business & Economy

The Big Story

White House touts record after Trump demurs on recession

The Trump administration is attempting to restore confidence in the economy after a brutal day for Wall Street.

© AP

President Trump is facing mounting concerns about the economy as the stock market bleeds and the costs of his trade war pile up.

In a statement released Monday afternoon, the White House sought to highlight various reasons to feel confident in the economy amid a steady drumbeat of concern.

“Since President Trump was elected, industry leaders have responded to President Trump’s America First economic agenda of tariffs, deregulation, and the unleashing of American energy with trillions in investment commitments that will create thousands of new jobs," the White House said.

"President Trump delivered historic job, wage, and investment growth in his first term, and is set to do so again in his second term."

The White House statement was a notable shift in tone from Trump's remarks in a Sunday interview with Fox Business News, in which he demurred on the potential for the U.S. to hit a recession.

“I hate to predict things like that,” Trump told Fox Business host Maria Bartiromo on “Sunday Morning Futures” when asked if he expected a recession this year.

“There is a period of transition, because what we’re doing is very big. We’re bringing wealth back to America. That’s a big thing. And there are always periods of — it takes a little time. It takes a little time. But I think it should be great for us. I mean, I think it should be great.”

Trump's comments follow mounting concern on Wall Street and among Senate Republicans about the impact of his economic agenda.

Read the full report at TheHill.com.

Welcome to The Hill’s Business & Economy newsletter, I'm Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

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