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President Trump Responds to Economic Contraction Blaming Biden

President Trump blames economic contraction on Biden's administration while asserting future economic growth due to his tariffs.

Overview

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In a rally marking 100 days of his second term, President Trump acknowledged challenges such as a recent 0.3% contraction in GDP. This marked a drastic decline from the 2.4% growth seen last quarter and revealed Americans' low confidence, with approval ratings at 39%. Trump attributed the downturn to former President Biden's policies in a fiery Truth Social post, asserting recent tariff implementation would spur growth. Meanwhile, economic details reveal consumer spending declined sharply, while imports surged, negatively affecting GDP calculations. Analysts express concerns about looming recession risks despite some positive investment trends.

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Trump's first 100 days by the numbers
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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.

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