Washington (CNN) President Donald Trump said Tuesday that the administration is looking at possible tax cuts, but reiterated that the US economy is still growing and remains very far from a recession.

"We're looking at various tax rate deductions but I'm looking at that all the time ... that's one of the reasons we're in such a strong economic position. We're, right now, the No. 1 country anywhere in the world by far as an economy," Trump told press during a White House meeting with Romanian President Klaus Iohannis.

"Payroll tax is something that we think about and a lot of people would like to see that, and that very much affects the workers of our country," Trump said, but cautioned that he's "not looking to do anything at this moment" as it relates to those potential tax cuts.

The President's robust take on the economy has been somewhat undercut in recent weeks. One indicator, the bond market yield curve inversion, went upside-down briefly last week, suggesting that a recession may be looming. And US Steel, part of the American steel industry the Trump administration has been trying to save through tariffs, has announced it would temporarily be laying off about 200 workers

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