Trump denies a U.S. recession and backs Musk's plan to tackle the stock market decline.

As concerns about a recession in the U.S. economy intensify, Wall Street has seen three consecutive weeks of decline. On Tuesday, President Trump reiterated that despite the stock market selloff, he still does not believe the U.S. will fall into a recession and maintains that the country will prosper. He stated at the White House, "I don't see it at all. I think this country will thrive." Trump also added that the market "will go up and down," but he emphasized, "We have to rebuild our country."

Trump's remarks come amid three consecutive weeks of declines in the U.S. stock market, adding to the market's unease over uncertainty in the government's tariff policies. He announced an increase in tariffs on Canadian steel and aluminum products from 25% to 50%, in response to Canada's countermeasures. However, Ontario's Premier Ford stated they would pause the surcharge on electricity exports to the U.S. After negotiations, Trump indicated that the originally planned 50% tariff would not take effect, and the 25% tariff would remain.

Although Trump mentioned last week that a recession was a possibility, he still appears unworried about market fluctuations. He said, "I think some people are going to make a great deal by buying stocks, bonds, and other things they are purchasing." He also emphasized that market fluctuations do not obscure the strong fundamentals of the U.S. economy.

Trump made a joint statement with Tesla CEO Elon Musk and hosted an "exclusive car show" for Tesla. He remarked that Musk's "government efficiency department" will promote growth in the private sector through reforms such as streamlining government. Despite some political skepticism towards Musk's policies, Trump continues to support his reforms, underscoring that the federal government needs to "slim down" and reduce unnecessary staff. Trump stated, "You can't pay wages without income."

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