US President Donald Trump said he would purchase a Tesla to keep at the White House for the use of his staff in a sign of support for Elon Musk, after shares of the electric-car maker had their worst day in four years amid a growing backlash over Musk’s political allegiances.

Press secretary Karoline Leavitt downplayed the possibility of a recession when asked about the tumbling Dow and NASDAQ.

White House Press Secretary Karoline Leavitt fielded questions about the ongoing stock market decline, saying the U.S. was in a “period of economic transition.”

President Donald Trump is defying projections of an economic recession, plowing forward with new tariffs and, in the process, abandoning one of the core economic measuring sticks of his first term in office: the stock market.