President Donald Trump on Sunday (Mar 9) didn't rule out the possibility that the United States might enter a recession this year. 

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During an interview with Fox News, he was asked about his economic goals for the nation and a possible recession in 2025. 

"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," said Trump. 

"That's a big thing. And there are always periods of...it takes a little time. It takes a little time, but I think it should be great for us,” Trump added.

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He was then asked whether or not he thought his tariffs on US imports would fuel inflation, he said: "You may get it. In the meantime, guess what? Interest rates are down." 

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A recession is a period of economic decline, typically defined as a decline in gross domestic product (GDP) for two or more consecutive quarters. Recessions are often accompanied by economic contraction, job losses, reduced consumer spending, business closures and reduced investment. 

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The US was briefly in recession in early 2020 as the Covid pandemic spread. Millions of people lost jobs.

Howard Lutnick, who is Trump's commerce secretary, was more definitive when asked Sunday about the possibility of a recession. 

"Absolutely not," he told NBC when asked whether Americans should brace for a downturn. 

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US tariff war with Canada, Mexico and China 

The US financial markets have been in turmoil amid Trump's tariff threats against Canada, Mexico, China and others.

The consumers are unsure what the year might bring even as global markets also plummeted. 

However, it seems that the Trump administration is aware of a possible slump as it has insisted that while the economy will pass through a possibly bumpy "transition," things are headed in a positive direction. 

During his address to Congress last Tuesday, Trump told Americans to expect "a little disturbance" because of the tariffs, while adding, "We're okay with that. It won't be much." 

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What do experts say? 

Felix Valdivieso,  a professor at the IE Business School, said Trump's aggressive tariff policy around the world is expected to have significant repercussions. 

The Spanish scholar said it would hinder global economic growth and cause resentment among those affected. 

Valdivieso's comments were in reference to Trump's announcement of 25 per cent tariffs on European imports, including cars and other goods.

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"The U.S. tariff increase will create instability in numerous ways. It's detrimental in every aspect, affecting the relationship among countries, breeding resentment, and severely impacting those seeking stability," said Valdivieso. 

The US imposition of tariffs is likely to provoke retaliatory actions from other countries. 

"The point is that if all parties respond with similar measures, the scale of the trade war will expand, leading to more serious consequences. As I mentioned earlier, it could trigger inflation and economic and trade crises, hindering economic growth," he said. 

(With inputs from agencies)