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U.S. President Donald Trump attends the White House Crypto Summit at the White House in Washington, D.C., U.S., March 7, 2025.  Evelyn Hockstein | Reuters Global market volatility and geopolitical turbulence in the wake of President Donald Trump’s return to the White House have led to warnings that the U.S. economy could be heading for a recession — but economists say that a downturn isn’t in the cards just yet. “I don’t think we will talk about a U.S. recession. The U.S economy is resilient, I would say, largely despite Donald Trump,” Holger Schmieding, chief economist at Berenberg Bank, told CNBC’s “Squawk Box Europe” on Monday. Dubbing Trump an “agent of chaos and confusion,” Schmieding said the president’s “zigzagging on tariffs shows that he has little idea of the potential consequences of his tariff policies.” Nonetheless, “U.S. consumers have money to spend, [and] they probably will. The labor market in the U.S. remains reasonably firm, and with energy prices coming down a bit and probably some tax cuts and deregulation coming, I don’t think there’s an imminent recession risk,” according to Schmieding. “But what is becoming ever clearer in the long run, Trump is hurting U.S. trend growth, that is growth in the years beyond 2026. And he stands for higher prices for U.S. consumers, which means, in my view, the Fed [Federal Reserve] has no reason to cut rates with Trump as president, and Trump sowing chaos and confusion,” he noted. CNBC has contacted the White House for a response and is awaiting a reply. International stock markets have been rocked to their foundations in recent weeks amid fears that Trump intended to revive a global trade war after announcing hard-hitting import tariffs on goods from China, Mexico and Canada. Confusion and uncertainty have followed, as the president last…

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Filed under: News - @ March 10, 2025 11:24 am