President Donald Trump did not deny there could be a recession this year under his leadership, telling Fox News there would be a “period of transition” as his economic policies take effect, as the president’s rapidly shifting tariffs on goods from Mexico and Canada have rattled the stock market and led to warnings of an economic downturn.

Trump is expected to implement more tariffs this week, as Commerce Secretary Howard Lutnick told “Meet the Press” on Sunday that tariffs on imports of steel and aluminum will take effect Wednesday. Trump is also planning to implement reciprocal tariffs on foreign goods—meaning the U.S. will tax a nation’s imports at the same rate they tax U.S. exports—starting April 2. The president suggested the frequent flip-flops in his tariff policies could continue, telling Bartiromo the tariff rates he’s announced “won’t go down, but we may go up.” When Bartiromo asked whether companies can expect more predictability from Trump’s economic agenda, the president demurred, saying, “Well I think so, but you know, the tariffs could go up as time goes by.”

CONTRA

Lutnick downplayed fears of a recession much more than Trump on “Meet the Press” on Sunday,saying gright before Trump’s Fox interview aired, “There’s going to be no recession in America.” “Donald Trump is bringing growth to America. I would never bet on a recession. No chance,” Lutnick said, after responding, “Absolutely not,” when asked if Americans should brace for a recession.

WHAT IS A RECESSION?

The National Bureau of Economic Research broadly defines a recession as a “significant decline in economic activity that is spread across the economy and lasts more than a few months,” though more specific definitions of the term say a recession happens when there’s negative growth in the nation’s gross domestic product for at least two consecutive quarters.