President Donald Trump has asked Wall Street to give him a “some time” to promote the US economy, which recorded its first contraction over three years. The Trade Department announced on Wednesday that the gross domestic product of the US decreased by 0.3% annual rate, which has been posted in the previous quarter by a 2.4% growth of growth.
Speaking at the White House event attended by top executives, Trump accusation His predecessor, President Joe Biden, the recession of America and said that citizens had to give him some time to move.
The President's comments did not like the democratic leaders who claimed that Trump, not Biden, must match the recession.
“This is not Joe Biden's economy, Donald, this is your economy,” said Hakeem Jeffries, head of the house minority. “This is the Trump economy; it is a failed economy and Americans know it.”
According to the Archives of the White House, former President Joe Biden resigned when the national unemployment rate was 4.1%, limiting the term of office that saw the lowest average unemployed from the 1960s.
Its data Also showed that inflation achieved a cutting -edge supply chain interference, but fell to 2.9% in early 2024, which was close to the long -term goal of the Federal Reserve. The growth of the internal product (GDP) expanded at an annual rate of 3.1%, outperforming other G7 countries.
Congress was divided over Trump's 100-day progress
During the Wednesday event, Trump defended his policy, which plans to invest major investments in infrastructure, health and technology, announcing $ 8 trillion of new private sector obligations.
He introduced Many CEOs, such as Hyundai Jose Munoz, Toyota Ted Ogawa and Johnson & Johnson Joaquin Duato, promising that company executives invest in America and improve state production.
But at the congress, the Senate was narrowly rejected by a proposed bill that would have blocked Potus on the establishment of trade tariffs. The Congress had voted 49-49 before Vice President JD Vanci broke the tie to send liberal efforts to Trump's trade policy.
Three Republican Senators, Beach Paul Kentucky, Maine Susan Collins and Alaska Lisa Murkowski, broke the line to support the measure by joining all current Democrats and independent. Senator Ron Wyden Oregon demolished the White House that he was reckless with the trade partners, saying that Congress could not remain a forces in the tariff madness.
”If the second quarter is worse again, people would ask, “Is it a good policy or is it bad politics?'' Senator Paul explained, one resolution cover of sponsors.
Retailers warn the lack of goods
In other related news, import activities are in the port of Los Angeles, one of the most densest Asian merchandise gates of the people, in recent weeks after the introduction of new tariffs for China.
Falling is directly related to the steep tariffs, now from China, where some goods have risen by as much as 145%. In response, China has set up up to 125%resistant tariffs for US exports. According to Flexport, a supply chain company, containers from China to America have decreased by up to 60%.
Some products are moving to places like Vietnam and Thailand, and the reservations of these countries are ranging from 5 to 10%, but retailers are not sure that this is sufficient to fill the china's salmon.
Despite the warnings, Trump is not worried about possible shortcomings, saying yesterday morning with the cabinet members during TV shows.
”Well, may -can have two dolls instead of 30 dolls, know?“He thought.” And we may pay two dolls a few dollars more than usual. ”
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