Trump blames Biden for declining GDP, defending the customs tariff, saying, “Be patient!”

president Donald Trump On Wednesday, he blamed his predecessor and defended his cassation Definitions After new data showed the United States economy Contract In the last quarter, while warning that the promised “boom” will take some time.

“This (the former president Joe) BidenThe stock market, not Trump. Trump said in a Social truth.

“The definitions will start soon, and companies began moving to the United States of America with record numbers. Our country will flourish, but we must get rid of Biden.”

“This will take some time, and it has nothing to do with definitions, only that we left bad numbers, but when the boom begins, it will not be like another. Be patient !!!” Trump wrote.

The defense social media publication came less than an hour after the issuance of a report of the US Department of Commerce GDP decreased At an annual rate of 0.3 % in the first three months of the year.

It was the first quarter of negative growth since the first quarter of 2022.

A separate report showed earlier on Wednesday morning that private salary statements rose by only 62,000 in April, much less than the Dow Jones consensus for an increase of 120,000.

ADP’s weak recruitment report is the smallest gains since July 2024. It also showed a flagrant decrease in the growth of salary statements from A revised profit below 147,000 in March.

Markets She fell sharply in the open after the GDP report and the results of disappointing companies.

Bad economic data can be lounged Trump’s meeting with more than twenty Business leaders At the White House later Wednesday. Blame the reports in response to reports may increase his recent efforts to assume credit to what confirms that it is a large number of positive economic developments.

For example, in a speech on Tuesday evening to celebrate the 100th day of his second presidential term, Trump boasted that “prices are decline”, claiming, “This is what I did.”

In fact, the latest report of gross domestic product showed the Personal Consumption Expenses Prices Index, which is the preferred inflation scale of the Federal Reserve, and increases sharply by 3.6 % in the first quarter, an increase of 2.4 % in the previous quarter.

Meanwhile, experts linked the volatile salary statements and consumer confidence in uncertainty and fear surrounding Trump’s tariff policies.

Trump’s current attempt to receive responsibility for the economy is a mirror of his efforts to attract credit in the stock market when he was raising during the Biden administration.

On January 29, 2024, the leading candidate wrote at the time Social truth“This is the Trump stock market because my surveys against Biden are so good that investors expect to win.”

This is urgent news. Please update for updates.

– Jeff Cox of CNBC contributed to this report.