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.

Donald Trump is threatening to slap a massive 250% tariff on lumber and diary imports from Canada, as tensions continue to rise between the two North American neighbours. The threat comes despite the US President agreeing to expand the number of goods exempted from his new 25% levies on Canada and Mexico introduced last week.

"I hate to predict things like that," Trump said when pressed about the possibility of a recession during a recorded interview that aired on "Sunday Morning Futures with Maria Bartiromo."

Trump’s acknowledgment of economic turbulence was a reversal from previous cheering of his policies, and it contrasted with reassurances from his own advisers Sunday.

President Donald Trump said tariffs on some goods from Canada and Mexico planned for April 2 “could go up,” and would not predict whether the United States will have a recession in 2025.