U.S. President Donald Trump said he doesn’t see a recession on the horizon after a volatile week for markets.
"I don’t think we’re having a recession," Trump told reporters. "We’re doing tremendously well. Our consumers are rich. I gave a tremendous tax cut and they’re loaded up with money," CNBC cited him as saying.
"I’m prepared for everything. I don’t think we’re having a recession," the U.S. leader added.
Peter Navarro, who advises Trump on trade policy, also said U.S. consumers are not affected by the administration's trade war with China, though tariffs are taxes paid by U.S. importers, not by China, and are often passed along to U.S. businesses and consumers through higher prices.
