President Donald Trump urged Americans to remain calm and give his economic strategies time to take effect, emphasizing that the challenges currently facing the economy stem from the prior administration.
Posting on Truth Social Wednesday, Trump addressed concerns over financial turbulence during the early months of his presidency.
“This is Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers,” he stated in his message.
Trump expressed optimism for the future, insisting that the current difficulties are unrelated to his trade policies and instead blamed the previous leadership for leaving behind economic instability.
“Our Country will boom, but we have to get rid of the Biden ‘Overhang.’ This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!”
Financial markets reflected concern on Wednesday morning, with major indexes sliding after new government data showed the U.S. economy had contracted during the first quarter of the year.
The report revealed that GDP dropped by 0.3% from January through March, marking the first downturn in three years. Analysts attributed the decline to a spike in imports, as American businesses rushed to stockpile goods ahead of Trump’s new tariffs.
Despite the economic pullback, consumer spending remained strong. The Commerce Department’s Bureau of Economic Analysis reported that personal consumption rose 0.7% in March, building on February’s revised growth figure of 0.5%.
In a notable policy shift, Trump moved Tuesday to ease some of the 25% tariffs targeting the auto industry. His new executive orders provide temporary relief for importers of cars and auto parts.
“We just wanted to help them during this little transition, short term,” Trump explained to members of the press. “We didn’t want to penalize them.”
Momentum in Washington suggested a softening stance on trade disputes, as officials hinted that selective agreements with individual nations might be on the horizon.
Treasury Secretary Scott Bessent said that several key allies had submitted “very good” trade offers, adding that an initial agreement could be finalized with India in the coming days.
{Matzav.com}