- Treasury Secretary Howard Lutnick denied the possibility of a U.S. recession, arguing Sunday that Donald Trumpās tariff strategy will drive $1.3 trillion in new investment and unleash American growth.
- Despite Lutnick’s optimism, crypto traders are less confident, with bitcoin and other cryptocurrencies falling, and the odds of a U.S. recession in 2025 increasing to 41% on Polymarket.
- The latest U.S. jobs report showed 151,000 jobs added in February, but signs of slowing growth are emerging, with the Atlanta Fedās GDPNow model forecasting a negative 2.8% Q1 growth rate.
Treasury Secretary Howard Lutnick insists the U.S. economy is on solid footing despite concerns from Wall Street that a recession is in the cards. “Absolutely not,” he said on a Sunday edition of Meet the Press when asked if Americans should prepare for a downturn. “There’s going to be no recession in America,” he continued. “It’s like the same people who thought Donald Trump wasnāt a winner a year ago. Donald Trump is a winner. He’s going to win for the American people.”
A recession is two consecutive quarters of economic contraction, caused by imbalances from external or internal factors, or combination of both.
“President is on it and he is powerful on it, and he is not going to take his foot off the gas.” These tariffs are part of a drug war. Canada and Mexico must shut down the flow of fentanyl across our border and China must stop subsidizing the production. The Trump Administrationā¦
ā Howard Lutnick (@howardlutnick) March 9, 2025
This argument contradicts comments made by the President earlier, who didn’t rule out a recession, calling it part of a transition. Lutnick argued that Trumpās tariff strategy will force other countries to lower their trade barriers, unleashing American growth and driving $1.3 trillion in new investment. āWeāre going to unleash America out to the world,ā he said in response to warnings from JPMorgan and Goldman Sachs about a tariff-induced recession. āYou are going to see over the next two years the greatest set of growth coming from America.ā
While Lutnick acknowledged that tariffs could make foreign goods more expensive, he framed them as part of a broader effort to cut the deficit and lower borrowing costs. āWhen you balance the budgetā¦ you drive interest rates down 150 basis points. Mortgages come smashing down. The cost of your home will come smashing down,” he said.
Crypto traders, however, don’t seem to have the same optimism. Bitcoin (BTC) fell 7% on Sunday, dropping to $80,000 and nearing its 2025 low of $78,000. Ether (ETH), Solana (SOL), and XRP (XRP) followed, while meme
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2025-03-10 07:27