Economists say Trump is proving to be an "agent of chaos" with his unpredictable trade tariff policies but a downturn isn't in the cards just yet.

US President Donald Trump has refused to say whether the US economy is facing a recession or price rises in the wake of his administration's changes to tariff threats against some of its closest trading partners.

President Donald Trump said the US economy faces “a period of transition,” deflecting concerns about the risks of a slowdown as his early focus on tariffs and federal job cuts causes market turmoil.