03/14/2025
Steve Forbes, editor-in-chief of Forbes Media, Sunday on X: “NEW: Thanks to Bidenomics, President Trump inherited a fragile economy. Putting tax cuts (for all Americans) first before tariffs will help the economy surge, empowering him to make better trade deals long-term.”
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Chart Shows How Stock Market Is Faring Compared to Trump’s First Term – Newswee
Trump Issues Stock Market Update Amid Recession Fears
President Donald Trump indicated that he’s optimistic when asked about the current state of the economy on Tuesday after previously sidestepping questions about fears of a potential recession.
Why It Matters
Reacting to the growing fears of a tariff war, the stock market had its worst day of the year this week. Since taking office in January, the president has initiated sweeping changes, including implementing tariffs on Canada, Mexico and China.
Economists have remained divided on whether Trump’s immediate agenda could plunge the country into a recession.
What To Know
While speaking to reporters on Tuesday, Trump was asked about the current state of the stock market and said, “Our country had to do this. We had to go and do this. They’ve taken away, other countries have taken away our business, they’ve taken away our jobs. I did it initially very strongly against as you know China and some others in the first term.”
Continuing, Trump said, “We had the greatest economy in the history of our country.”
He said that after his first presidential term, he handed over the stock market to the Biden administration “higher than it ever was to that point before,” adding that “this economy, in my opinion, is going to blow it away.”
Trump was seen answering questions alongside Department of Government Efficiency leader Elon Musk in front of vehicles from Tesla, one of the billionaire’s companies. “I’m very optimistic about the country,” Trump said.
Over the weekend, Trump was asked if he thought the country was heading toward a full-scale recession. He replied, in part, that the economy is in a “period of transition” while noting that he hates to predict a potential recession.
President Donald Trump is seen leaving after speaking to the press next to Tesla vehicles at the White House on March 11, 2025. MANDEL NGAN/AFP via Getty Images© MANDEL NGAN/AFP via Getty Images
What People Are Saying
Economic analyst and former Obama official Steven Rattner said Tuesday on X, formerly Twitter: “Republicans are trying to blame the current economic downturn on ‘Biden’s Economy’. But America’s markets surged ahead of Europe’s under Biden and then fell far behind once Trump got started.”
Former Republican Representative Joe Walsh, Tuesday on X: “Trump was handed an awesome economy. He was handed the best, by far, post-Covid economy of ANY industrialized nation. He was handed an economy with employment way up, consumer spending way up, the markets way up, & inflation way down. And in only 7 weeks, he’s f****** it all up.”
Democratic Governor of Illinois JB Pritzker, Tuesday on X: “Who pays for Donald Trump’s tariffs on Canada? It’s you. Actions have consequences – and his actions mean higher prices for groceries, beer, gas, and housing all to fund tax cuts for his friends at Mar-a-Lago.”
Steve Forbes, editor-in-chief of Forbes Media, Sunday on X: “NEW: Thanks to Bidenomics, President Trump inherited a fragile economy. Putting tax cuts (for all Americans) first before tariffs will help the economy surge, empowering him to make better trade deals long-term.”
What Happens Next
Canadian Premier Doug Ford said in a joint statement with U.S. Secretary of Commerce Howard Lutnick posted to X that the 25 percent surcharge on electricity exports to Minnesota, Michigan, and New York will be suspended. He will travel to Washington, D.C., to meet before a tariff deadline.
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