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White House Rejects Recession Fear, Touts Deregulation
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April 4, 2025
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11:59Now PlayingChief White House economist Stephen Miran dismissed the deepening fears of a recession on Wall Street, saying that President Donald Trump’s plans for deregulation and tax cuts will more than offset any hit from tariff hikes.
“The president acted with historic scope and speed to address what was a decades-long festering problem that had been eroding our competitiveness and eroding our prosperity and eroding our economy,” Miran said in an interview with Bloomberg Radio and Television Friday. “So of course there’s going to be some market volatility on the back of that.”
US equities tumbled again on Friday, putting the S&P 500 Index on course for the worst week since the March 2020 Covid shock, as fears spread about the impact of taking American tariff rates to the highest levels in a century or more. JPMorgan Chase & Co. economists were among those jacking up recession-risk calculations this week, now seeing a 60% chance of either a US or global economic slump.
“I’m not a professional forecaster, so I don’t necessarily have odds,” Miran said. But with imports just 14% of the economy, “you really have to think of really, really huge — really enormous changes — sort of shaking through those things to get to the place where you think a recession is likely as a result of something like this.”
The Trump administration’s full policy program is making for an “economic boom,” which will bring financial markets round in time, he said. “There is too much focus from what is going on right now and not enough focus on the pro-growth policies.”
Miran said that deregulation and the tax-cut package now working its way through Congress will make the US “much more competitive.”
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