U.S. President Donald Trump is defending his trade policies after new government data shows the economy shrank 0.3% in the first quarter of 2025, the first quarterly contraction in three years. That's as public approval ratings of his economic leadership slide in recent polls.
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00:00Donald Trump, on his 100th day in office, pushing back against new government numbers showing the U.S. economy may be shrinking.
00:08In the first quarter GDP numbers just out today, core GDP, now we're removing distortions from imports, inventories and government spending, was up plus 3%.
00:22But this is Biden's economy because we took over on January 20th.
00:28Trump claims growth while blaming his predecessor for data showing that U.S. GDP fell 0.3% in the first quarter of 2025, the first time the country has seen negative growth in three years.
00:43The discrepancy between the numbers rooted in how government data is counted, which Trump calls distortions.
00:50Imports surged in the first quarter, and because they're made overseas, the government subtracts them from U.S. GDP.
00:55The large increase coming from businesses rushing to import items ahead of Trump's proposed tariffs, which have sent markets tumbling since they were announced last month.
01:06Despite celebrating stock market gains in his first term, Trump now downplaying his effect on them.
01:12I'm not taking credit or discredit for the stock market.
01:17I'm just saying that we inherited a mess.
01:20In my case, I had the biggest stock market increase, 88% in the last term, in my last term.
01:25But I don't view the stock market as the end-all.
01:28It's an indicator.
01:29Trump also downplaying the effects his 145% tariffs on Chinese imports have on U.S. consumers.
01:36Much of it we don't need.
01:38You know, somebody said, oh, the shelves are going to be open.
01:40Well, maybe the children will have $2 instead of $30, you know.
01:45And maybe the $2 will cost a couple of bucks more than they would normally.
01:48But we're not talking about something that we have to go out of our way.
01:53But Americans may not agree, with recent polls showing his overall approval rating dropping,
01:59with his handling of the economy being particularly low, with only 36% approving.
02:04Trump says he's making deals with U.S. and foreign companies to boost investment,
02:09saying the economy will bounce back.
02:11But for now, with weak economic numbers and slipping poll support, he's on the defensive.
02:17Isen Chun and Chris Gorin for Taiwan Plus.