White House says the US is 'in a period of economic transition'

White House press secretary Karoline Leavitt downplayed the financial market decline as a “snapshot in time,” assuring Americans that the US is just going through a “period of economic transition.” The markets had their worst trading day since 2022 on March 10 amid President Trump’s global tariff threats, with the Dow Jones Industrial Average falling more than 2% and the Nasdaq dropping 4%. The White House has repeatedly conveyed that the numbers will iron themselves out and create wealth, despite some public panic about the direction of the economy less than two months into Trump’s term.