This year, the gross domestic product (GDP) of the United States decreased by 0.3% in the first quarter, marking a contraction for the first time in three years, while President Donald Trump blamed the sluggish growth rate on former President Joe Biden.
On the 30th (local time), President Trump wrote in a post on his social media platform Truth Social that regarding the first quarter GDP, "This is Biden's stock market, not Trump's," adding, "I did not take over the administration until Jan. 20 (inauguration day)."
He continued, "Tariffs will soon begin to take effect, and corporations are starting their transfer to the United States in record numbers," asserting, "Our country will prosper, but we need to clear away Biden's 'overhang.'"
He also stated, "It will take time, but it has nothing to do with tariffs. Biden left us with unfavorable figures," adding, "Once growth begins, it will grow to unprecedented levels, so be patient."
Earlier that day, the U.S. Department of Commerce reported that the GDP growth rate for the first quarter was measured at -0.3% (annualized from the previous quarter). This figure is significantly lower than the expert forecast (0.3%) compiled by Reuters and others.
It is the first time the U.S. economy has contracted since the first quarter of 2022 (-1.0%). Regarding this, economists at Morgan Stanley assessed, "The surge in imports ahead of tariffs was much greater than expected, and inventory did not offset this."