President Trump said in an interview aired on Sunday that companies should move their manufacturing to the U.S. and there won't be any tariffs on their products coming into the U.S. from other countries. 

Trump cited Honda and Toyota as examples of companies beefing up their operations in the U.S. 

"Build it here and there's no tariff," he said.

Trump downplayed economic concerns about issues that could be caused by his tariff plans. 

When pressed if he is expecting a recession this year, Trump said he didn't want to make a prediction.

Trump's comments were made during an interview on FOX News’ Sunday Morning Futures. 

Host Maria Bartiromo asked Trump if he plans to make cuts to defense spending as a way to reduce the deficit. 

"I'd love to cut defense spending but not now," he said, citing threats the U.S. faces.