Top Trump administration economist Kevin Hassett said Tuesday that the odds of a recession in the U.S. are low, but that there are higher chances of economic slowdowns in Europe and Asia in the near term.

He also said that he does not see an end to the trade war between China and the U.S. yet.

“I think the big changes is that the Asian economies are slowing, the European economies are slowing,” said Hassett, when asked about Tuesday’s stock market plummet in a public interview at the Wall Street Journal’s CEO Council Conference in Washington, D.C.

“I think the [U.S.] recession risk right now is very, very low,” said Hassett.

Still, he saw further escalation of the China-U.S. trade war through Trump administration tariffs hurting the U.S. economy.

“As you get closer to the end [of the list of Chinese imports to sanction] then it hurts us too,” said Hassett, who added that economic considerations were not the only factor that would be considered in upcoming decisions on tariffs.

Hassett signaled that the Trump administration’s trade war with China has yet to cool, despite optimism coming out of last weekend’s meeting between the president, Cabinet members, and China’s top leadership. Hassett said that the administration could continue to up pressure on China.

“I would consider advocating in the White House that China be kicked out of the Word Trade Organization" if they continue current trade practices, said Hassett, though he thought that path would be less likely following a joint statement on trade made by governments of the world’s top economies at the G-20 summit in Argentina over the weekend.

[Also read: Dow Jones slides 650 points as bond markets signal looming recession]