FLASH
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US President Donald Trump blamed former President Joe Biden for the US economy's worst quarter since 2022, saying it had nothing to do with the tariffs he imposed a few weeks ago.
The Trump administration's GDP report released today, which registered a -0.3% contraction in the first quarter, sent U.S. futures contracts tumbling. That's a significant slowdown from the 2.4% rate in the fourth quarter of 2024. Most economists say Trump's monumental effort to reshape global trade is likely to lead to rising U.S. inflation and could even trigger a recession.
But Trump, who has consistently denied that his tariffs will have an overall negative impact on the economy, tried to shift the blame to Biden.
" This is Biden's stock market, not Trump's. I didn't take control until January 20th. Tariffs will start going into effect soon and companies are starting to come into the US in record numbers. Our country will boom, but we need to get rid of Biden's 'overload.' This will take a while, it has nothing to do with the tariffs, it just left us with bad numbers, but when the boom starts, it will be like no other," Trump posted on Truth Social.
On his 101st day in office, Trump urged Americans to "BE PATIENT!!!"
As CNN reported, the Dow Jones is on a six-day winning streak, its longest continuous rise since July. However, the blue-chip stock index is on track to end the month down 3.5% as the stock market recovers from a major slump caused by Trump's tariffs.
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