In a detailed interview, President Donald Trump attributed the 'good parts' of the U.S. economy to his policies, while blaming the 'bad parts' on the Biden administration. He claimed credit for reducing costs but acknowledged the challenges of high grocery inflation and volatile stock markets affected by his tariff policies. Despite concerns of a potential recession, with financial institutions estimating high odds, Trump remained optimistic, describing the current economic phase as a transition period. He defended his tariff approach, suggesting it would lead to increased domestic investment, and refused to rule out the permanence of certain tariffs. Additionally, Trump criticized Federal Reserve Chair Jerome Powell for not lowering interest rates swiftly, though he stated he would not fire Powell despite his dissatisfaction with his performance.

President Trump asserted that the positive aspects of the economy are a result of his administration's policies, while he attributed negative economic factors to the Biden administration's influence. He highlighted his efforts in cost reduction, though grocery inflation hit a peak since August 2023.

The stock market has experienced volatility, with significant declines following Trump's announcement of reciprocal tariffs, though a temporary pause on tariffs led to a notable market surge. He downplayed these fluctuations, suggesting they are part of necessary economic adjustments.

Amid concerns over tariffs, Trump remained firm in his stance, indicating that some tariffs might be permanent to encourage domestic manufacturing. He provided relief to major companies but not to small businesses, arguing they do not require it.

Trump expressed confidence in the economy's future, despite a CNN/SSRS poll showing widespread public pessimism and fear of an impending recession. Financial experts like JPMorgan and Goldman Sachs have projected increasing odds of a recession.

In response to rising prices due to tariffs, Trump suggested that consumers might need to adjust their purchasing habits, using an anecdote about reducing luxury for children as an example of necessary economic sacrifice.

Trump criticized Federal Reserve Chair Jerome Powell for failing to lower interest rates promptly, labeling him as ineffective. Despite speculation about Powell's potential dismissal, Trump clarified that he does not intend to fire him before his term ends.

The legal framework supports Powell's position, as most scholars agree that a president cannot remove a Fed chair without extraordinary circumstances, reflecting ongoing tensions between Trump's economic strategies and established financial governance.