Donald Trump on Friday (May 2) shrugged off growing fears of an American recession, saying that the short-term pain is OK as his policies take root.

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Appearing in a clip of a pre-recorded interview with NBC's "Meet the Press with Kristen Welker" released on Friday, Trump shrugged off recession fears. This comes despite new government data confirming that the US economy, in the first three months of Trump's second presidency, contracted unexpectedly in the first quarter.

A 'transition period'

Striking an upbeat tone, Trump insisted that his economic blueprint — including aggressive tariffs — would eventually spark "the greatest boom in history."

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"This is a transition period. I think we're going to do fantastically," he told NBC News. The full interview is due to be released on Sunday (May 4).

Recession fears vs Trump's optimism

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Asked directly whether he was "comfortable with the country potentially dipping into a recession for a period of time" if he were able to achieve his long-term goals, the US president evaded a direct answer and instead said, "Some people on Wall Street say that we're going to have the greatest economy in history. Why don't you talk about them?" 

When pressed about whether he worried about a recession, Trump replied, "Anything can happen". 

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"But I think we're going to have the greatest economy in the history of our country. I think we're going have the greatest economic boom in history," he added as per excerpts of the interview.

His comments come amid growing unease on Wall Street and in global financial circles, with economists warning that a recession — triggered by Trump's tariffs — is increasingly likely. 

According to Apollo Global's chief economist, Torsten Slok, the chances of such a "Voluntary Trade Reset Recession" now stand at a staggering 90 per cent.

Markets rattle, jobs hold steady

Financial markets have been volatile since Trump ordered sweeping tariffs on imports. While stock prices saw a minor rebound on Friday, buoyed by a stronger-than-expected jobs report, analysts, as per reports, remain cautious.