On Wednesday, President Donald Trump directed blame toward his predecessor while defending his extensive tariff policies, following the release of economic data revealing a contraction in the U.S. economy last quarter. He cautioned supporters that the anticipated economic “boom” would take time to materialize.
In a post on Truth Social, Trump stated, “This is [former President Joe] Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th.”
He asserted that tariffs would soon begin to yield results, and noted that a growing number of companies are relocating to the United States. Trump insisted, “Our Country will boom, but we have to get rid of the Biden ‘Overhang,'” adding that this economic uplift would not be immediate and was unrelated to the tariffs.
“This will take a while, has NOTHING TO DO WITH TARIFFS,” he continued. “Only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!”
Trump’s remarks followed closely behind a report from the U.S. Department of Commerce, which indicated that gross domestic product had declined at an annualized rate of 0.3% in the first quarter, marking the first quarter of negative growth since early 2022.
Additionally, a separate report released earlier that morning highlighted a significant slowdown in job growth, with private payrolls increasing by only 62,000 in April, far short of the Dow Jones forecast of 120,000. This figure represents the lowest expansion since July 2024 and shows a notable drop from a revised gain of 147,000 in March.
Following the GDP announcement and disappointing corporate earnings, stock markets saw a sharp decline at the open. These unsatisfactory economic indicators could overshadow Trump’s scheduled meeting with over two dozen business leaders at the White House later in the day. His tendency to assign blame in the face of negative reports poses a challenge for his recent efforts to claim credit for what he describes as a series of positive economic trends.
For instance, during a speech on Tuesday night commemorating the 100th day of his second presidential term, Trump asserted that “prices are coming way down,” claiming responsibility for the positive shift.
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— Finance Newso’s Jeff Cox contributed to this report.
