Trump’s on-again, off-again tariff threats against Canada, Mexico, China and others have left the US financial markets in turmoil and consumers unsure what the year might bring.

President Donald Trump declined in an interview aired Sunday to rule out the possibility that the United States might enter a recession this year.

“I hate to predict things like that,” he told a Fox News interviewer when asked directly about a possible recession in 2025.

“There is a period of transition, because what we’re doing is very big — we’re bringing wealth back to America,” he said, adding, “It takes a little time.”

But Trump’s commerce secretary, Howard Lutnick, was more definitive when asked Sunday about the possibility of a recession.

“Absolutely not,” he told NBC’s “Meet the Press” when asked whether Americans should brace for a downturn.

Trump’s on-again, off-again tariff threats against Canada, Mexico, China and others have left the US financial markets in turmoil and consumers unsure what the year might bring.

Stock markets just ended their worst week since the November election.

Measures of consumer confidence are down, as shoppers — already battered by years of inflation — brace for the higher prices that tariffs can bring.

And widespread government layoffs being engineered by Trump’s billionaire advisor Elon Musk add further concern.

Some signs are mixed.

A widely watched Atlanta Federal Reserve index now predicts a 2.4 percent contraction of real GDP growth in the year’s first quarter, which would be the worst result since the height of the Covid-19 pandemic.

Much of the uncertainty stems from Trump’s shifting tariff policy — effective dates have changed, as have the sectors being targeted — as businesses and investors try to puzzle out what will come next.

Kevin Hassett, Trump’s chief economic advisor, was asked on ABC whether tariffs were primarily temporary or might become permanent.

Hassett said that depended on the behavior of the countries targeted. If they failed to respond positively, he said, the result could be a “new equilibrium” of continuing tariffs.

The administration has insisted that while the economy will pass through a possibly bumpy “transition,” things are headed in a positive direction.

In his State of the Union message on Tuesday, Trump told Americans to expect “a little disturbance” as tariffs take hold, while adding: “We’re okay with that. It won’t be much.”

And his Treasury Secretary Scott Bessent has warned of a “detox period” as the economy cuts government spending.

Given the uncertainties, economists have been wary of making firm predictions.

Economists at Goldman Sachs, citing Trump’s policies, have raised their odds of a recession over the next 12 months from 15 percent to 20 percent.

And Morgan Stanley predicted “softer growth this year” than earlier expected.

Recessions are generally defined as two consecutive quarters of weak or negative GDP growth.

The US was briefly in recession in early 2020 as the Covid pandemic spread. Millions of people lost jobs.

AFP
[3/10, 5:21 AM] Official _nacho: Butchers fear shutdown as cow price soars to N2m

The Lagos State Butchers’ Association has lamented the soaring cost of cows threatening the livelihoods of its members and called for the Federal Government’s intervention to save the sector from an imminent collapse.

The association’s Chairman, Alhaji Taiwo Rasak, disclosed this in an interview with the News Agency of Nigeria on Sunday in Lagos.

Rasak said the persistent surge in cow prices had pushed Lagos butchers to the brink with many struggling to maintain profit margins and stay in business.

“At the moment, the cheapest cow you can get is N700,000 against N200,000 to N350,000.

“Some cows are as high as N2m now, depending on the size.

“It is going to be more expensive now that we are in the Ramadan season,” Rasak said.

He said the development had led to reduced profit margins with many butchers battling to survive, while some could shut down their businesses if the situation persists.

“The impact of rising cow prices on Lagos butchers cannot be overstated. Many are struggling to survive and some may be forced to shut down their businesses if the situation doesn’t improve.

“The usually vibrant Oja Awolowo Market here in Mushin has fallen quiet with meat sellers facing a dire shortage that left their stalls nearly bare.

“While I acknowledge the government’s efforts to improve the lives of Lagos butchers, I urge them to swiftly address the mounting challenges in the sector that demand a more rapid and effective response,” he said.

Rasak described the government’s funding of meat production as the needed vital investment in the livestock sector.

He said the support would enable butchers and farmers to remain in business, even in the face of skyrocketing cow prices.

“The interventions can help bridge the gap between supply and demand, ultimately benefiting consumers.

“By supporting meat production, the government can contribute to food security, economic growth, and the well-being of its citizens.

“To effectively alleviate the challenges faced by meat sellers, the government must ensure that palliative loans are disbursed efficiently to reach the intended beneficiaries.

“Those who genuinely require financial support to sustain their businesses must be sought after.

“It is crucial that the government establishes a transparent and equitable system for distributing palliative loans, guaranteeing that these funds are directed towards meat sellers who are struggling to cope with the rising costs and need assistance to stay afloat,” he said.

The family of a deceased former Nigerian military leader,General Sani Abacha has said their patriarch was neither the Head of State nor the Commander-in-Chief when the June 12, 1993, presidential election was annulled.

According to the family, the decision to annul the election was made under the administration of General Ibrahim Babangida, who, as the then Head of State, held absolute executive powers and was solely responsible for his government’s actions.

Babangida, popularly known as IBB, alleged in his recently launched book, “A Journey in Service,” that the late General Abacha was responsible for annulling the June 12, 1993, presidential election.

However, refuting the claims, Mohammed Abacha said any attempt to shift that blame to the late General, a senior military officer within the regime, was a deliberate distortion of historical facts.

Mohammed said the memory of their late father and leader, General Abacha, must not be tarnished by baseless accusations meant to absolve those who were truly responsible.

“Our attention has been drawn to recent claims made by former Head of State, General Ibrahim Badamasi Babangida, in his newly launched book, “A Journey in Service”, where he alleged that the annulment of the June 12, 1993, presidential election was the responsibility of the late General Sani Abacha.

“These claims have sparked widespread controversy and necessitate a clear response from the immediate family of General Sani Abacha and the entire Abacha clan in the interest of historical accuracy and justice.

“It is important to state unequivocally that General Sani Abacha was neither the Head of State nor the Commander-in-Chief when the June 12 election was annulled. The decision to revoke the election was made under the administration of General Ibrahim Babangida, who, as the then Head of State, held absolute executive powers and was solely responsible for his government’s actions.

“Any attempt to shift this blame onto General Sani Abacha, who was a very senior military officer within the regime, is a deliberate distortion of historical facts.

“For years, various actors have attempted to rewrite the history of that critical period in Nigeria’s democratic evolution. However, the facts remain unchanged. We urge Nigerians to be wary of revisionist narratives that seek to manipulate public perception for personal or political reasons. The memory of our late father and leader, General Sani Abacha, must not be tarnished by baseless accusations meant to absolve those who were truly responsible.

“Furthermore, we wish to emphasise that despite this unfortunate attempt to shift blame, General Sani Abacha remained a faithful and loyal friend to General Ibrahim Babangida until his death. He was a man of unwavering commitment to his comrades. We also find it necessary to state that when General Babangida’s life was under threat, General Abacha came to his rescue, ensuring his safety.

“We take this opportunity to express our heartfelt appreciation to the many Nigerians who have risen in defence of General Sani Abacha to set the record straight. Your unwavering commitment to truth and historical accuracy is deeply appreciated, and we acknowledge the outpouring of support from those who refuse to allow history to be distorted.

“As we reflect on Nigeria’s history, we acknowledge General Sani Abacha’s time in leadership and his role in the nation’s development. Like past leaders, his contributions remain part of our country’s history. We believe that history is best judged with fairness and objectivity,” he added.