Former President Donald Trump reacted predictably to the recent contraction of the U.S. economy, which saw a 0.3 percent decline in GDP. He attributed this downturn to current President Joe Biden while absolving himself of any responsibility related to his controversial tariffs. Despite initial alarming statistics, further analysis indicates that underlying economic fundamentals, including consumer spending and business investment, remain relatively strong. Trump's statements suggest optimism about future growth, asserting that the economic situation is not reflective of his policies but rather the previous administration's shortcomings.
Trump responded to the first U.S. economic contraction since 2022 by blaming Biden, asserting the stock market's troubles were not due to his tariffs.
The U.S. GDP declined at a 0.3 percent annual rate, a stark contrast to last year's growth, influenced by quirks in data measuring imports.
Despite the poor first quarter GDP report, more reliable measures suggest the economy remains fundamentally solid, with meaningful consumer spending and investment.
Trump wrote on Truth Social, claiming, "This is Biden's Stock Market, not Trump's," minimizing the impact of his tariffs on current economic conditions.
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