President Donald Trump said on Friday the U.S. was in a "transition period" and was going to do "fantastically" while downplaying the impact any short-term recession may have.

U.S. District Judge Beryl Howell's ruling was the first deciding the legal merits of any of the several directives Trump has aimed at law firms.

President Trump took to his social media Friday, sharing plans to take away Harvard University's tax-exempt status, saying "it's what they deserve." This comes after the Trump administration also froze billions of dollars of Harvard's federal funding.

President Donald Trump said he's taking action to remove the tax-exempt status of Harvard University, escalating his fight with the school.