US President Donald Trump after repeatedly dismissed concerns about a possible slowdown on Tuesday, that many traders are fearing.
During a new trade with ABC News ‘ White House correspondent Karen Travers, when asked if he believed a recession was good, Trump responded,” I don’t see it at all. I think this country is going to boom”.
He acknowledged the problems of his view but expressed trust in its results. ” I can do it the easy way or the hard way. The hard way to do it is precisely what I’m doing. But the benefits are going to be 20 days greater”, he said. Trump more asserted on his remarks by saying,” Remember- Trump is always right”.
Trump made these notes as he stood with businessman Elon Musk whilst acquiring a Tesla Inc. vehicle. This order appeared to show support for his affiliate following Tesla’s significant share price collapse on Monday.
Trump has dismissed recession fears before as effectively. During a an interview with Fox News on Sunday, Trump had said,” I hate to identify issues like that”. ” There is a period of transition, because what we’re doing is very large — we’re bringing money up to America”. It takes a little time, “he added.
Turbulent Wall Street
Trump’s statement against possible crisis comes as Wall Street experienced another stormy evening on Tuesday, continuing a time of losses driven by ambiguity over his shifting tax policies. Trump’s combined messages on increasing taxes against Canada troubled traders, adding to worries about a potential economic slowdown.
The Dow Jones Industrial Average fell 1.1 %, the S&, P 500 dropped 0.8 %, and the Nasdaq Composite slipped 0.2 %, following Monday’s sharp declines. Business uncertainty has been fueled by fears of a modification, with the S&, P 500 recently falling more than 10 % below its subsequent history great.
Despite the overall decline, big tech companies like Tesla and Nvidia showed some endurance, helping the Nasdaq recover portion of its loss. Experts warn that protracted uncertainty over trade policies perhaps continue to force the markets.
