Treasury Secretary Scott Bescent said in an interview aired Sunday that, although there may be adjustments, the US does not have a recession, but “there is no guarantee.”
But speaking with NBC's “Meet the Press” eliminated the possibility of a financial crisis.
The US stock market closed sharply last week amid rising uncertainty resulting from President Trump's frequently changing policies, including tariff threats on the US's biggest trading partners.
Asked if he could guarantee that there will be no recession while Trump is in power, Bescent replied. “There is no guarantee. Who predicted Covid?”
Bescent said he has implemented durable and robust policies and that he needs to separate himself from what he calls massive government spending.
When asked if adjustments could lead to a recession, Bescent said, “There's no reason why it's necessary.”
Bessent dismissed concerns about the recent stock market decline, saying the revisions are sound and that the market will “do great things” if the administration introduces good tax policies, deregulation and energy security.
“We're going to make a transition and there's no crisis,” he said.
