Trump imposed a 10% tariff on products from most countries and a 145% tariff on Chinese goods, leading to retaliatory measures and import surges as businesses stockpiled goods preemptively.

This marks the first GDP contraction since 2022, when the U.S. was still recovering from COVID-19 pandemic disruptions. The 0.3% decline is less severe than pandemic-era drops but reflects the sharpest downturn since then.

Trump provided no direct evidence, instead asserting the downturn reflected lingering 'Biden Overhang.' Economists, however, attribute the contraction directly to tariff-driven import surges and supply chain disruptions.

Consumer sentiment plunged 32% in April to 1990 recession levels, while businesses canceled Chinese orders and postponed expansions due to tariff uncertainty.

While Trump blamed Biden for stock market performance, specific data isn't provided in sources, though he previously claimed market gains during Biden's term reflected anticipation of his own policies.