Trump Says US Economy Faces ‘Transition’

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President Donald Trump said the US economy faces “a period of transition,” deflecting concerns about the risks of a slowdown as his early focus on tariffs and federal job cuts causes market turmoil.

Asked on Fox News’ Sunday Morning Futures whether he’s expecting a recession this year, Trump said, “I hate to predict things like that. There is a period of transition, because what we’re doing is very big.”

While declining to address the question, Trump’s response broadly aligns with his speech to Congress last week and a flurry of recent comments from top administration officials, including Treasury Secretary Scott Bessent. At the core of the Trump team’s argument is the prospect of tax cuts and tariff revenue down the road that officials contend will spur the economy.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg Politics Contributor Rick Davis and Jeanne Sheehan Zaino following President Donald Trump's comments Sunday that the US economy faces a transition.
• Republican Congressman Chuck Fleischmann of Tennessee as House Speaker Mike Johnson unveils a stopgap spending plan to avoid a government shutdown.
• Bloomberg News Canada Government Reporter Brian Platt about the next Prime Minister of Canada.
• Democratic Congressman Don Beyer of Virginia on the bill he introduced to restore tariff authority to Congress.

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