Donald Trump attacked former US President Joe Biden for the state of the economy on Truth Social, prompting growing concern over a sharp drop in the economy following the announcement of US taxes.
Trump claimed in a social media post on Truth Social that the current financial woes had” NOTHING TO DO WITH TARIFFS” and otherwise pointed fingers at Biden’s reputation.
He continued,” This is Trump’s stock market, not Biden’s.” I didn’t start until January 20th. Taxes may soon start to kick in, and businesses are beginning to enter the country in record numbers. Our nation will prosper, but we must eliminate the Trump” Overhang.” This may take a while because it has nothing to do with TARIFFS, but it will be unlike any other boom when it starts. Become ATTENDENT! “!
Trump also reaffirmed to his supporters that he had lost Kamala Harris in the national poll in January of this year.
Trump remained optimistic that a renaissance is on the horizon despite the economic slowdown. He predicted that the new tariffs would immediately go into effect, bringing jobs and investment again into the nation. He continued,” Our Country did boom,” underscoring once more that Biden “left us with bad figures.”
US economy goes into reverse
After Trump’s broad tax laws shook consumer and business confidence, the US market shrank by 0.3 % in the first quarter of the year, which was its worst performance since 2022, according to CNN. The Commerce Department’s review revealed a sharp decline from the previous month’s 2.4 % growth, which was significantly below what economists had anticipated.
A significant increase in imports, as buyers flocked to avoid new tariffs, and a reduction in federal spending were primarily to blame for the drop. When imports are much greater than exports, overall economic output is hampered by this space, which has been worse for GDP than it has ever been since 1947.
Trump insisted the decline was caused by the” Trump overhang,” blaming the previous administration for leaving behind “bad figures.” He argued that the issue was not with tariffs and hoped for a swift financial recovery. Trump’s business adviser, Peter Navarro, called the information” the best bad print” ever, arguing that robust domestic investment indicated growth was on the horizon, despite the fact that businesses had been stockpiling before tariffs began to effect.
