President Donald Trump blamed his father, former president Joe Biden, for the sudden contraction of the economy in a flaming social media post.
The economy’s contraction came for the first time since the COVID-19 epidemic.
Businesses are attempting to prepare for Trump’s 90-day” Liberation Day” tariffs, which have impacted the world’s monetary stock market, with the release of the statement.
Trump, however, has portrayed the tariffs as a pardon for the declining market.
” Taxes will soon start pouring in, and businesses are opening doors to the USA in record numbers. Our nation will prosper, but we must eliminate the Trump” Overhang.” This may take some time because he only left us with subpar numbers, but it will be unlike any other boom when it starts. Become PATIENT!!”! Trump reacted with caution.
Peter Navarro, Trump’s top business adviser, supported the president’s claims. He attributed Biden and his paying habits to him during a press conference on Wednesday.
Navarro claimed that Joe Biden inherited a “very poor set of financial plans.” ” It hasn’t been completely cured,” Biden said.
Treasury Secretary Scott Bessent praised the phrase “90 trade talks in 90 time,” citing important progress made toward an Indian trade agreement with the Trump administration.
Americans will probably have to bear the costs of the higher pricing that businesses are passing on before any new deals are made.
FIRST QUARTER ECONOMY SHRANK, SIGNALING MAJOR WARNING
Trump said in an interview with ABC News on Tuesday night that China, which is still subject to a 145 % price, “probably will have those tariffs.”
This report was written by Zach Halaschak.
