White House downplays recession fears amid stock market concerns
A new poll found that 70% of Americans, including a majority of Republicans, think President Trump’s trade policies will push prices higher. (Scripps News) President Trump marked his 50th day in office this week, but the U.S. stock market also saw its weakest 50 days of a presidency since President Barack Obama’s first term in 2009 — during the height of the financial crisis. The U.S. stock market lost $5 trillion in value over the past three weeks, prompting the White House to urge calm as the falling stocks have some Americans worried about their retirement. President Trump has said there will be an “adjustment period” for the U.S. economy in the wake of an escalating trade war that’s spooked investors this week. Monday was the worst day on Wall Street since President Trump’s inauguration, with the Dow Jones Industrial Average plummeting after the president refused to rule out a recession in an interview over the weekend. “I hate to predict things like that. There is a period of transition because what we’re doing is very big,” Trump told Fox News. RELATED STORY | Inflation