But Bessent, speaking to NBC's "Meet the Press," ruled out the chance of a financial crisis.

U.S. stock markets closed down sharply last week amid mounting uncertainties arising from President Donald Trump's frequently shifting policies, including tariff threats against the biggest U.S. trading partners.

Asked whether he could guarantee there would be no recession while Trump was in power, Bessent replied: "There are no guarantees. Who would have predicted COVID?"

Bessent said he was putting in robust policies that would be durable, saying the country needs to be weaned off what he called massive government spending.

Asked whether an adjustment could lead to a recession, Bessent said, "There is no reason that it has to."

Bessent dismissed concerns about recent stock market falls, saying corrections were healthy and that markets "will do great" if the administration puts into place good tax policy, deregulation and energy security.

"We are going to have a transition, and we are not going to have a crisis," he said.