New York
CNN
—
Is a recession brewing in the US? The answer to that question will vary depending on whom you ask in the Trump administration — and when.
Wall Street plunged last week after President Donald Trump said he was not ruling out a recession and that Americans should expect “a period of transition” across the economy. Since then, various administration officials have sought to reassure investors that there’s no need to panic.
“Donald Trump is bringing growth to America. I would never bet on recession. No chance,” Commerce Secretary Howard Lutnick said on NBC’s “Meet the Press” over the weekend. Meanwhile, on the same program, Treasury Secretary Scott Bessent said “there are no guarantees” there won’t be a recession.
He doubled down on his response Tuesday morning, telling Fox Business host Maria Bartiromo, “I can’t guarantee anything… But what I can guarantee you is that there is no reason we need to have a recession.”
That’s a contrast in the tone Bessent has previously struck when responding to questions about the liklihood of a recession.
“There’s going to be a detox period,” Bessent said earlier this month in a CNBC interview. Then, in another CNBC interview last week, he denied that a “detox period” in any way implies a recession.
“Not at all,” Bessent said, “it will depend on how quickly the baton gets handed off. Our goal is to have a smooth transition.”
This story is developing and will be updated.
