Commerce Secretary Howard Lutnick played dumb Friday about the increasingly real prospect of a recession in a desperate attempt to spin the crashing economy—but even Fox News isn’t letting him just slip by.
During an interview on Fox Business’s Mornings with Maria, Donald Trump’s official tariff cheerleader tried to laugh off the recent prediction that inflation-adjusted GDP was on track to decline this quarter.
“I know you said you’re not expecting a recession, but investors are on edge over the possibility of a recession this year after the Atlanta Federal Reserve said that it’s predicting a 2.4 percent contraction in the first quarter,” host Maria Bartiromo said. “And of course President Trump would not—”
“What? Wait, wait wait say that again—a what? A WHAT? 2.4 percent contraction?” Lutinick guffawed.
“Correct,” Bartiromo replied.
“OK, right here, right now. Right here, right now. That is ridiculous,” Lutnick said, as if his word somehow held more water than the Federal Reserve.
“Have you spoken to the president of the Atlanta Federal Reserve?” Bartiromo said.
“Absolutely not,” Lutnick said, laughing.
“Have you told the Atlanta Fed that you say it’s ridiculous? Because they’re out with this contraction prediction,” Bartiromo chided. “And I know that you and President Trump were handed a mess, I’m not arguing that, but now we’re talking about recession! And I asked President Trump about it this week and he didn’t say no!”
During an interview with Bartiromo that aired Sunday, Trump had refused to say that the U.S. was not headed for a recession—likely because he can’t. Similar considerations have not struck Lutnick yet. In an interview with CBS News earlier this week, Lutnick said that if there was a recession, it would be “worth it.” Now he seems to suggest it won’t happen at all. Uncertainty is good for the market, right?
On Thursday, Lutnick had been dumbstruck by Fox News’s simple questions about the strain Trump’s 25 percent tariffs on imported steel would have on U.S. manufacturing.
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