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President Donald Trump addressed the media on Wednesday, attributing the recent economic contraction to policies set by former President Joe Biden, while also defending his administration’s tariff strategies. The remarks came on the heels of disappointing economic data revealing a decline in the U.S. GDP last quarter, as Trump indicated that the anticipated economic upswing may take longer to materialize than expected.
In a post on Truth Social, Trump emphasized, “This is Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th.” He continued to advocate for his tariff policies, asserting that they would soon produce positive results and encourage domestic business growth.
“Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers,” Trump claimed. “Our Country will boom, but we have to get rid of the Biden ‘Overhang’.” He went on to state that while the current economic conditions were unfavorable, he believed that a significant recovery would eventually occur, urging for patience among his supporters.
The comments followed a publication from the U.S. Department of Commerce indicating a 0.3% annualized drop in GDP during the first quarter. Additionally, a report from ADP earlier that morning revealed that private sector payrolls increased by only 62,000 jobs in April, falling short of the projected 120,000 by economists, marking the lowest growth since July 2024, and down from a revised increase of 147,000 in March.
Following the economic news, market indices reacted negatively, reflecting concerns over the GDP report and underwhelming corporate earnings.
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