President Donald Trump blamed former President Joe Biden for the U.S. economy's 0.3% contraction in the first quarter of 2025, according to CNBC. Trump deflected responsibility for the downturn by citing his late January inauguration. Trump said the negative growth and falling markets stemmed from Biden’s policies and not his own tariff plans, which he insisted would ultimately spur a boom. The Commerce Department attributed the GDP drop to companies importing goods in anticipation of Trump’s tariffs and a decline in government spending. Critics noted that Trump previously claimed credit for market rallies under Biden, while his current claims conflict with inflation data showing prices rising sharply in the first quarter.
Category
🗞
NewsTranscript
00:00It's Benzinga bringing Wall Street to Main Street.
00:02President Donald Trump blamed former President Joe Biden for the U.S. economy's 0.3% contraction
00:07in the first quarter of 2025, according to CNBC. Trump deflected responsibility for the downturn
00:13by citing his late January inauguration. Trump said the negative growth and falling markets
00:18stem from Biden's policies and not his own tariff plans, which he insisted would ultimately spur a
00:24boom. The Commerce Department attributed the GDP drop to companies importing goods in anticipation
00:30of Trump's tariffs and a decline in government spending. Critics noted that Trump previously
00:36claimed credit for market rallies under Biden, while his current claims conflict with...
00:42For all things money, visit Benzinga.com slash GSTV.