"A little disturbance," "a period of transition," "a detox period." These are all phrases that President Trump and his administration have used to describe the economy, as the stock market has plunged in response to one tariff announcement after another.

Trump is adamant that his tariffs will ultimately bring revenue, jobs and factories to the U.S.

But economist Matt Slaughter, dean of the Tuck School of Business at Dartmouth College, is skeptical. He thinks Trump's strategy is a recipe for long-term economic pain, and that a recession is getting more likely by the day.

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