In the first quarter of 2025 the economy contracted 0.3%, marking its first decline since 2022. President Trump attributed the downturn to "Biden overhang."
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00:00In the first quarter of 2025, the U.S. economy contracted by three-tenths of a percent, marking its first decline since early 2022.
00:09President Donald Trump attributed the downturn to what he called the Biden overhang,
00:14while Democrats and economists pointed to the White House's erratic tariffs.
00:18Those have disrupted trade and led to a surge in imports ahead of expected price hikes.
00:23The tariffs, which include a blanket 10% on all trade partners and 145% on Chinese goods,
00:30have strained industries, slowed job growth, and led to retaliatory measures from key trading partners.