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.

“Adding to the uncertainty, Trump, in a newly aired interview, declined to rule out the possibility of a U.S. recession this year," Jake Ostrovskis, an over-the-counter trader at market maker Wintermute, told Fortune, adding that the president reiterated his view that “short-term economic pain is likely.”