President Donald Trump downplayed a sharp market selloff spurred by worries that his tariff agenda will drag the world’s largest economy into a downturn, saying he did not foresee the US going into a recession.

It’s feared that Trump’s so-called ‘tariff war’ could wreak havoc on the US economy, or create enough uncertainty to drive US companies and consumers into a paralysis. Earlier today, Trump announced a hike on Canadian steel and aluminium imports by an additional 25% – bringing the total to a whopping 50% tariff.