US President Donald Trump did not deny that the country's economy may face a potential recession. However, he firmly believes that the process will end positively. He emphasized this in an interview with NBC.
“Anything can happen. But I think we will have the strongest economy in the history of our country,” Trump said in response to a question about the possibility of recession.
“I am not worried”
The American leader noted that he is not overly concerned about this issue and that the country's economy is currently going through a “transition period.” In his opinion, the US economy will return to stable growth without prolonged downturns.
“I am not worried. This is just a temporary process. In the end, we are expecting very strong results,” Trump continued.
Yellen's opinion: Tariffs are hitting the economy
At the same time, former US Treasury Secretary Janet Yellen expressed a different viewpoint. In an interview with the Financial Times, she stated that Trump's trade policies and imposed tariffs are leading the country towards recession.
“The US is currently heavily dependent on the supply of raw materials from China. If high tariffs on imports remain, it will lead to strong pressure and weakening in various sectors of the country's economy,” Yellen said.
What does recession mean?
Recession is a term that refers to a decline in the rate of economic growth or a slowdown in production. It was introduced in the US to avoid the term “depression” after the Great Depression.
This term indicates a temporary downturn in the economy, meaning that indicators such as production, consumption, and investment are shrinking.
The topic of economic growth in the US is again causing political debates. President Trump, while not denying the possibility of a downturn in the economy, believes that its outcome will be positive. On the other hand, former officials are assessing this process as a risk that could be foreseen.
What do you think — will the US economy successfully overcome the challenges, or will this recession lead to serious consequences?
