President Donald Trump said the US economy faces “a period of transition,” deflecting concerns about the risks of a US slowdown as his early focus on tariffs and federal job cuts cause market turmoil.

Trump’s acknowledgment of economic turbulence was a reversal from previous cheering of his policies, and it contrasted with reassurances from his own advisers Sunday.

President Donald Trump declined to predict whether the U.S. could face a recession amid stock market concerns about his tariff actions on Mexico, Canada and China over fentanyl. The Republican president,