Video News Clips: In Their Own Words

‘People Are Throwing Around The R Word’: Fox News Host Asks Stephen Miller If He’s ‘Concerned’ About ‘Recession’

[Screenshot/Fox News]

Fox News host Sandra Smith asked White House deputy chief of staff Stephen Miller point-blank on Friday whether he is “concerned” about a possible recession after President Donald Trump imposed reciprocal tariffs on foreign nations.

The stock market nosedived to its biggest decline since June 2020 on Thursday and Friday, with the Dow tumbling by nearly 2,100 after Trump imposed tariffs on foreign imports. As concerns about a recession loom, Miller argued on Fox News’ “America Reports” that the tariffs will result in the “exact opposite” of a recession.

“People are throwing around the R word and they see the Dow down 2,100 points and people are worried about a recession. They’re worried that we can’t do this without sending this economy into such a deep dive that we can’t come back from it. I know you guys are all about growth, I know you’re about lowering taxes, rolling back regulations and seeing that growth. Are you concerned that this is gonna put us into a recession?” Smith asked.

“The exact opposite,” Miller said. “We inherited from Joe Biden an economy in total free fall. There has been zero job growth for American workers in 4 years, in other words, all jobs growth has gone to foreign workers. That is a depression, not a recession. That is a depression for the American workers. We had debt and deficits were rising unsustainably that would turn into a certain debt and deficit crisis. We had inflation that was in high double digits, crushing the American family and making it impossible to afford the essentials of life. We had an economy that was in the state of calamity and catastrophe.”

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Miller said that Trump’s planned tax cuts on Social Security, tips and other programs will heal the U.S. economy.

“President Trump’s policy of restoring our supply chains, pushing for total expensing of capital gains, eliminating regulations, eliminating Green New Scam environmental rules, pushing for the biggest, broadest tax cut in American history and reducing taxes on American workers, including ending taxes on tips, ending taxes on overtime, ending taxes on Social Security,” Miller continued. “This economic program is the single most important program for American wealth, prosperity and rejuvenation that we’ve ever seen in this country.”

As the markets tumbled, JPMorgan raised its likelihood of a recession before the end of the year to 60% after having put the chances of a recession at 40% before the tariffs, the New York Post reported.

The president imposed the reciprocal tariffs with the intent of returning manufacturing to the U.S. For instance, Apple announced in February that it will spend more than $500 billion for manufacturing and hire 200,000 American workers in the next four years.

Union workers in the auto and steel industry celebrated the move, stating that it will return their industry’s jobs to the U.S. and increase their profits. A guest caller from the Rust Belt told “2Way” host Mark Halperin on Wednesday that he felt “heard” by Trump’s decision to impose these tariffs.

In retaliation, China’s Ministry of Finance announced its plans to enact a 34% tariff on all goods imported from the U.S. beginning on April 10.