There are 'no guarantees' there will not be a US recession: Treasury Secretary Scott Bessent

There are "no guarantees" there will not be a recession in the United States but there could be an adjustment, Treasury Secretary Scott Bessent said in an interview with NBC that aired on Sunday.

US stock markets closed down sharply last week amid mounting uncertainties arising from President Donald Trump's frequently shifting policies, including tariff threats against the biggest US trading partners.

Asked whether he could guarantee there would be no recession while Trump was in power, Bessent replied: "There are no guarantees. Who would have predicted Covid?"

Bessent said he was putting in robust policies that would be durable, saying the country needs to be weaned off what he called massive government spending.

Asked whether an adjustment could lead to a recession, Bessent said, "There is no reason that it has to."