Trump appears to be testing the market’s tolerance for short-term pain while promising long-term gain — with the economy hanging in the balance.

U.S. equity futures tumbled in early Monday trading, while the dollar extended its weeks-long slump and Treasury bonds rallied, as investors extended their retreat from risky markets amid broadening concerns that President Donald Trump's tariff and government jobs cuts could tip the world's biggest economy into recession.

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.