The president of the United States, Donald Trump, blamed his predecessor, Joe Biden on Wednesday, the contraction of the economy in the first quarter of the year and denied that his aggressive tariff policy has had something to do.
“It has nothing to do with the tariffs, only that (Biden) left us with bad figures, but when the boom begins, it will be like no other. They have patience !!!,” Trump said on his social truth platform.
According to the data published on Wednesday, the Gross Domestic Product (GDP) of the world’s largest economy contracted 0.3% in the first quarter of the year, the first negative data since 2022.
The Republican president, who assumed power on January 20, declared that these “are the markets of Biden, not Trump’s.”
He also promised that tariffs “will soon come into force and companies will begin to establish themselves in the United States in record figures.”
You may be interested: Trump goes back and softens tariffs to the automotive industry
This is the first contraction in three years and coincides with the arrival of Trump’s power
“Our country will prosper, but we have to get rid of the ‘negative effect’ of Biden,” he said.
According to the Economic Analysis Bureau (BEA), the contraction of this first quarter of the year is due to the increase in imports, which are stolen from the calculation of GDP, and a reduction in government spending.
This is the first contraction in three years and coincides with the arrival of Trump, which opened a process of global tariff increases, clippings in federal spending and tax sales ads.
In one more example of the uncertainty that Trump’s commercial war has created, which has announced and paused tariffs on several occasions, analysts expected a 0.4% rise in the first estimate of GDP for the first quarter, but subsequently estimated that the data would be negative.
The 0.3% drop in GDP in the first quarter contrasts with the 2.4% rise calculated for the last quarter of 2024, with Biden in power.
With EFE information.
Subscribe to our YouTube channel and do not miss our content
