Trump Blames Biden For Negative Economic Reports

The GDP report released by the Trump administration today showed a -0.3% contraction in the first quarter, triggering a drop in US futures.

On his 101st day in office, Trump urged Americans to “BE PATIENT!!!” I Photo: Erin Scott, Biden White House Archived Flickr

This marks a sharp slowdown from the 2.4% growth rate in Q4 2024. Most economists believe Trump’s sweeping effort to reshape global trade is driving inflation higher and may even spark a recession, Kit Maher reported for CNN.

However, Trump—who has repeatedly denied that his tariffs would negatively affect the economy—shifted the blame to his predecessor.

“This is Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden ‘Overhang.’ This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other,” Trump wrote on Truth Social.

On his 101st day in office, Trump urged Americans to “BE PATIENT!!!” According to CNN, the Dow is on a six-day winning streak—its longest since July.

Still, the index is set to end the month down 3.5%, recovering from a steep slump triggered by Trump’s tariff policy. The S&P 500 fell over 11% in the first eight days of April following Trump’s April 2 announcement of so-called “reciprocal tariffs.”

At one point, the Dow was down 400 points (1%), the S&P 500 fell 1.5%, and the tech-heavy Nasdaq Composite dropped 2.2%.