Trump says US must ‘get rid of the Biden “Overhang”‘ after economy shrank in Q1

WASHINGTON — President Trump brushed disconnected a poor economical study Monday — denying that his tariffs are contributing to concern uncertainty and declaring that stocks volition summation crushed erstwhile more duties instrumentality effect.

“This is Biden’s Stock Market, not Trump’s,” the president wrote connected Truth Social aft the Department of Commerce announced that GDP had plunged 0.3% successful the archetypal 3 months of 2025.

“I didn’t instrumentality implicit until January 20th. Tariffs volition soon commencement kicking in, and companies are starting to determination into the USA successful grounds numbers. Our Country volition boom, but we person to get escaped of the Biden ‘Overhang.'”

Trump added: “This volition instrumentality a while, has NOTHING TO DO WITH TARIFFS, lone that helium near america with atrocious numbers, but erstwhile the roar begins, it volition beryllium similar nary other. BE PATIENT!!!”

The below-expectations GDP study sparked a caller sell-off connected Wall Street, with the Dow Jones Industrial Average falling much than 400 points successful the archetypal 90 minutes of trading.

President Trump said Wednesday that the system volition roar erstwhile the interaction of tariffs is felt. ABC News

The banal marketplace soared successful Trump’s archetypal word earlier the onset of the COVID-19 pandemic successful March 2020 and continued to turn during President Biden’s 4 years successful office. It has dipped since Trump took bureau Jan. 20, though he’s argued the semipermanent effect of his commercialized policies volition beryllium positive.

Trump’s commercialized squad is moving to negociate caller commercialized deals to avert monolithic “reciprocal” tariffs connected large trading partners, which were announced April 2 and delayed until aboriginal July.

A caller 10% baseline tariff connected astir imports has remained successful effect since aboriginal April — astir triple the anterior mean US complaint — portion tariffs connected Chinese goods apical 145% successful a tit-for-tat standoff.

Stocks person dipped during Trump’s archetypal 100 days successful office. AP

Trump besides has imposed 25% tariffs connected alloy and aluminum, a 25% tariff connected foreign-made cars and a 25% tariff connected non-USMCA compliant goods from Canada and Mexico.

Meanwhile, the economical squad is moving to onslaught deals to avert the monolithic reciprocal tariffs — which could besides code the caller 10% baseline, which presently has carveouts for copper, machine chips, pharmaceuticals and lumber, though helium has announced plans to people each of those categories.

Commerce Secretary Howard Lutnick said Tuesday that a woody was “done, done, done” with an unidentified country, pending support of their government.