President Donald Trump stated the US financial system is a mix of his enacted insurance policies and the results of the Biden administration in a wide-ranging interview on NBC’s “Meet the Press with Kristen Welker.”
“I feel the great elements are the ‘Trump financial system’ and the dangerous elements are the ‘Biden financial system’ as a result of he’s executed a horrible job,” Trump stated within the interview that aired Sunday.
Trump lately accomplished his first 100 days in workplace, with 66% of Individuals saying they’re pessimistic (29%) or afraid (37%) in regards to the financial system, based on a CNN/SSRS ballot launched Monday. Simply 34% say they really feel enthusiastic or optimistic. General, 69% of the general public considers an financial recession within the subsequent 12 months to be no less than considerably seemingly, together with 32% who say that’s very seemingly.
Trump took credit score for bringing prices down. “I used to be in a position to get down the prices. However even that, it takes some time to get them down. However we obtained them down good,” he stated.
Common grocery costs have been about 2.41% greater in March 2025 than they have been in March 2024, Client Value Index information reveals. This was the best year-over-year grocery inflation charge since August 2023.
Welker requested Trump if he would “take accountability” for the risky inventory market, which steeply declined after he introduced sweeping, reciprocal tariffs.
“I’ve solely simply been right here for a bit of greater than three months. However the inventory market, take a look at what’s occurred within the final quick time frame. Didn’t it have 9 or 10 days in a row, or 11 days, the place it’s gone up? And the tariffs have simply began kicking in. And we’re doing rather well,” Trump stated.
On Friday, the S&P 500 closed at 5,686.67, down 6% since January 21, the primary buying and selling session of Trump’s time period. On April 9, the S&P surged 9.5%, its greatest every day efficiency in almost 17 years, after Trump paused tariffs on most nations.
“What’s going to occur with the market? I can’t inform you, however I can inform you, our nation has gotten rather a lot stronger, and finally it’ll be a rustic like no different,” Trump stated on April 6, whereas downplaying inventory losses and including, “I don’t need something to go down, however generally you must take drugs to repair one thing.”
Trump has supplied little reassurance to Individuals and enterprise homeowners in regards to the short- and long-term results of his financial insurance policies, just like the imposed 145% tariff on Chinese language imports, the removing of the de minimis exemption, rounds of tariffs on auto imports and a common 10% tariff charge throughout the 90-day pause on most reciprocal tariffs.
Welker requested Trump, “You’re not taking the chance that (a few of) these tariffs might be everlasting off the desk?”
“No, I wouldn’t try this. As a result of if any person thought they have been going to return off the desk, why would they construct in america?” Trump stated.
Whereas he’s supplied some aid to main corporations, notably automobile makers that acquired delays on tariffs and are actually allowed some reimbursements on imported automobile elements, Trump declined to supply aid for small companies.
“They’re not going to wish it,” he advised Welker.
Trump stated he does “take accountability for every part,” including that “the tariffs are going to make us wealthy. We’re going to be a really wealthy nation.”
However issues in regards to the impression of tariffs have brought about an rising variety of Individuals to fret a couple of potential recession.
In April, JPMorgan stated the percentages of a recession have been 60%, up from 40%. Goldman Sachs stated the percentages of a recession have been 45%.
“The whole lot’s OK,” Trump advised Welker. “This can be a transition interval. I feel we’re going to do fantastically.”
Trump added that he’s not nervous a couple of recession. However when requested if he thinks a recession may occur, he stated, “Something can occur.”
Welker requested Trump about rising costs on items on account of tariffs. Trump stated customers might have to buy fewer items.
“I don’t suppose that a stupendous child lady wants … to have 30 dolls. I feel they’ll have three dolls or 4 dolls as a result of what we have been doing with China was simply unbelievable,” Trump stated.
Amid his ongoing battle with the financial system, Trump has repeatedly attacked Federal Reserve Chair Jerome Powell for not reducing rates of interest rapidly sufficient. He lately referred to as Powell “a serious loser” whose “termination can not come quickly sufficient.”
The feedback left some questioning if Trump would try to fireplace Powell earlier than the Fed chair’s time period ends in 2026. Trump has stated he has “no intention of firing” Powell.
Within the interview with Welker, Trump reiterated that he wouldn’t fireplace Powell, saying that he’ll already “get to alter him in a short time anyway.”
Powell has stated the legislation doesn’t allow a president to take away a Fed chair. Most authorized students agree with Powell on this level, with exceptions for extraordinary circumstances, resembling unlawful habits.
CNN’s Ariel Edwards-Levy, Daniel Dale, Matt Egan, Alicia Wallace, Chris Isidore and Robert Ilich contributed to this report.
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