The president's tariff announcements have rocked the stock markets and fueled concerns of an economic downturn.

Commerce Secretary Howard Lutnick on Tuesday called President Trump's economic policies "the most important thing America has ever had." The big picture: Concerns are building that the Trump administration's tariffs might trigger a recession and CBS News' Nancy Cordes asked Lutnick whether the policies would "be worth it if they lead to a recession,

In a rare moment of honesty during a Fox News interview that aired Sunday morning, Trump declined to rule out the possibility that the 25 percent tariffs he imposed on Mexico and Canada this past week (and then paused—again), could trigger a recession.