President Trump is downplaying concerns about the impact his on-again, off-again tariffs are having on the economy after they rattled the stock market.
Mr. Trump says the nation is going through a “period of transition” in which tariffs could continue to rise as he implements a trade vision that seeks to supercharge the economy, and rebalance trade relations.
“What I have to do is build a strong country. You can’t really watch the stock market,” Mr. Trump said in a pre-taped interview on Fox News’ “Sunday Morning Futures with Maria Bartiromo.” “What we are doing is building a tremendous foundation for the future.”
Asked if the nation will escape a recession, Mr. Trump said, “I hate to predict things like that.”
“There is a period of transition because what we’re doing is very big. We’re bringing wealth back to America. That’s a big thing,” he said.
Mr. Trump plans on April 2 to start imposing reciprocal tariffs in Canada and Mexico, and they could jump from there.
“You will have a lot [of clarity], but we may go up with some tariffs,” the president said. “I don’t think we will go down, but we may go up.”
Commerce Secretary Howard Lutnick shot down the idea that Americans should brace for a recession.
“There’s going to be no recession in America,” Mr. Lutnick said Sunday on NBC News’ “Meet the Press.”
Mr. Trump’s tariff policy evolved over the last week.
The president slapped a 25% tariff on Canada and Mexico and touted them Tuesday in his joint address to Congress as necessary to protect jobs and “the soul of our country.”
Days later, he carved out exceptions for auto manufacturers and all goods included in the United States-Mexico-Canada trade agreement he signed during his first term in office.
Mr. Trump also raised the prospect of levying tariffs on Russia if President Vladimir Putin doesn’t stop “pounding” Ukraine, and on Friday threatened to impose tariffs on dairy and lumber products from Canada.
The flurry of action has triggered some uncertainty on Wall Street and left anxiety among business leaders looking for more clarity on what happens next.
The Wall Street Journal editorial board has suggested the tariffs are not legal and said Mr. Trump is “treating the North American economy as a personal plaything, as markets gyrate with each presidential whim.”
White House National Economic Council Director Kevin Hasset countered Sunday during an appearance on ABC News’ “This Week,” saying Mr. Trump is trying to usher in a new economic era of domestic production.
“President Trump wants to bring the jobs home, bring the wealth home and bring the wages home,” Mr. Hasset said.
He said the recent jobs report, which showed 150,000, including 10,000 manufacturing jobs created, was a sign that things are moving in the right direction.
“If you are looking at tariffs in isolation, and not thinking about the job creation the tariffs create, you are doing only half the picture,” Mr. Hasset said.
Sen. Adam Schiff said the tariffs are going to hurt families.
“We need to bring home to the American people what these tariffs are going to mean,” said Mr. Schiff, California Democrat. “They voted for Donald Trump supposedly because they wanted lower prices and these tariffs are just going to drive prices up.”
However, Shawn Fain, president of the United Auto Workers, said he supports the tariffs, saying they are “an attempt to stop the bleeding from the hemorrhaging of jobs in America for the last 33 years.”
“Tariffs are not the end solution, but they are a huge factor in fixing this problem,” Mr. Fain said on ABC News’ “This Week.”
Mr. Fain has previously been highly critical of Mr. Trump.
Mr. Trump has been particularly irked with Canadian trade practices. The country imposes limits and tariffs on many U.S. imports, with more than 250% on milk, cheese, butter and other dairy products that exceed limits.
The U.S. has accused Canada of subsidizing its lumber industry and dumping the product in the U.S. while limiting American sales of lumber across the northern border.
Canadian officials say their trade imbalance with America, which amounted to $63 billion last year, is primarily due to heavy Canadian oil exports into the U.S.
On Sunday, Mr. Hasett said it is important to remember that most countries charge “a much higher tariff than we do” and that reciprocal tariffs could convince countries to lower the fees they impose on U.S. imports.
“Maybe they decide to go down,” he said. “Let’s just be fair. Whatever you do to us, we will do to you. That is what he is asking for in April and it is not a radical idea at all.”
• Susan Ferrechio contributed to this report.
