President Trump says he’s not worried about a short-term recession, but “anything can happen” as the economy transitions to a new era of high tariffs and he continues his efforts to make America a manufacturer again.

In an interview that aired Sunday, NBC’s Kristen Welker asked Mr. Trump if it is OK if America weathers a recession in the short-term because of the instability caused by an economic reordering.

“Look, yes, everything’s OK,” the president responded. “I said this is a transition period. I think we’re going to do fantastically.”  He added that is not worried about a short-term recession.

“Anything can happen, but then we’re gonna have the greatest economy in the history of our country. I think we’re gonna have the greatest economic boom in history,” he said.

The interview, recorded Friday, comes out as economic numbers showed a mixed bag. Job numbers were stronger than expected in April, though not at breakneck increases. Business investment remained firm. However, the economy contracted at a 0.3 percent pace, down from 2.4 percent in the final three months of 2024. 

Wall Street has been on a rollercoaster ride as the president instituted, then paused, tariffs on several sectors. 

The president acknowledged the economic volatility, saying that ultimately while it is his responsibility, it is early in his administration. 

“I think the good parts are the Trump economy and the bad parts are the Biden economy.”

China is also feeling the effects of the president’s economic agenda. Factories are closing and unemployment is rising since the imposition of 145-percent tariffs.

On Friday, one of China’s largest clothing manufacturers, Temu, announced that it will no longer ship clothes to America directly from China after the Trump administration ended a de minimis tariff exemption that allowed duty-free entry for shipments of goods valued under $800. Temu, which says it has been stockpiling products in American warehouses since flags were raised about closing the loophole, said that it will use American suppliers to send packages within the country. 

The president said that America’s going “cold turkey” on doing business with China, and that the withdrawals have resulted in a reduction in the trade deficit by as much as $5 billion per day.

“China’s getting killed right now. They’re getting absolutely destroyed,” Mr. Trump said, “I’m not looking to do that to China. Now at the same time, I’m not looking to have China make hundreds of millions of dollars and build more ships and more army tanks and more airplanes.”

Since the tariff regime was announced two months ago, Mr. Trump has received verbal commitments worth $9 trillion from global companies like Apple, chipmaker Taiwan Semiconductor Manufacturing Company, and car manufacturers pledging to move manufacturing to America from overseas. None of the commitments, however, are formally binding, and many, if not all, could be withdrawn or changed at a moment’s notice. 

Mr. Trump said he will lower tariffs eventually, but he’s not ready to announce an end to them just yet.

“I wouldn’t do that because if somebody thought they were going to come off the table, why would they build in the United States?”

While the trade imbalance is mostly impacting small businesses, the president said prices are going down on groceries and big-ticket items like energy.  Asked whether increases in the price of consumer goods like tires, dolls, and strollers was hurting Americans, the president called the comparison peanuts. 

“Gasoline is thousands of times more important than a stroller or something,” he said. “We don’t need to waste money on a trade deficit with China for things we don’t need, for junk that we don’t need. … We don’t need to feed the beast.”

In the wide-ranging interview, the president said that he wants to end the war between Russia and Ukraine, which is killing 5,000 soldiers per day. 

“They are not American soldiers, but I want to solve the problem. … If I can save 5,000 souls, I just love doing it,” he said, conceding that it may not be possible to do because of the “tremendous hatred” between the sides, but he’s not ready to walk away.

Mr. Trump also tamped down speculation, often created by his own words, that he would seek a third term in office.

“I’m looking to have four great years and turn it over to somebody,” he said, pointing to Vice President Vance and Secretary of State Rubio as examples of leaders that will maintain the MAGA movement after his presidency.