The commercial department on Wednesday reported that the US economy was contracting 0.3% in the first quarter of this year, urging President Donald Trump to blame his predecessor in public. He insists his own trade policies are about to reverse the collapse and drive strong growth.
Trump said the backbone “had nothing to do with tariffs” and argued that once the tariffs were completely kicked, the economy was “boom.” “When the boom starts, it will be like no one else. Be patient !!!” He wrote on social media.
To a longer Post In fact, he added, “This is Biden's stock market, not Trump. I didn't change until January's 20th. The tariffs were near, and the companies were starting to move to the USA with record numbers. Our country would soak, but we had to remove the biden overhang. '
Meanwhile, the President is set to post CEOs from major companies, including Nvidia and GE Aerospace, later today. He will also be able to convince a cabinet meeting with his leadership team. Trump is making many public displays to mark his first 100 days in the office, which he completed yesterday.
First sinking since early 2022 puts the US on the brink of technical turning
The Commerce department said the latest figure was marked with a sharp return from the 2.4% annual growth rate posted in the last year's last quarter. On the surface, the transition from a 2.4% expansion to a 0.3% retreat is surprising.
Officials noted that the collapse largely reflected an import in imports, as businesses rushed to bring the goods to the forefront of President Trump's tariff. This is the first time in three years, a sign that economic activity has softened even before the highest tariffs occurred.
This sinking, the first since early 2022, puts the US economy on the brink of a technical retreat, usually defined by two straight quarter of negative growth.
Consumer's sentiment fell 32% in April, which has fallen to its lowest level since the 1990s.
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