Commerce Secretary Howard Lutnick emphatically rejected the risks of a recession even as markets slide — and said America’s biggest trading partners could easily avoid Trumps

President Donald Trump did not deny there could be a recession this year under his leadership, telling Fox News there would be a “period of transition” as his economic policies take effect, as the president’s rapidly shifting tariffs on goods from Mexico and Canada have rattled the stock market and led to warnings of an economic downturn.

Risks to the Mexican, Canadian and American economies are piling up amid a chaotic implementation of U.S. tariffs that has created deep uncertainties for businesses and decision-makers, according to Reuters polls of economists taken this week.

Economic forecasts have been weakening. While some see slower growth, several commentators see the chance of an outright recession rising this year.