• News
  • Film and TV
  • Music
  • Tech
  • Features
  • Celebrity
  • Politics
  • Weird
  • Community
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
TikTok
YouTube
Submit Your Content
Trump responds to news of US economy shrinking with desperate plea and savage dig to Joe Biden

Home> News> Politics

Updated 15:12 30 Apr 2025 GMT+1Published 14:39 30 Apr 2025 GMT+1

Trump responds to news of US economy shrinking with desperate plea and savage dig to Joe Biden

It comes as official data supplied by the US Bureau of Economic Analysis indicated that the economy was in decline

Joe Yates

Joe Yates

President Donald Trump has responded to expert's fears over America heading for a recession following the US economy having shrunk in the last three months.

According to data supplied by the US Bureau of Economic Analysis, the gross domestic product (GDP) has declined at an annual rate of 0.3 percent in the first quarter of this year.

First-quarter growth was slowed by a surge in imports as companies in the United States tried to bring in foreign goods before Trump imposed massive tariffs.

Advert

The January-March drop in GDP, which is the nation’s output of goods and services, reversed a 2.4 percent gain in the last three months of 2024.

Imports grew at a 41 percent pace, the fastest since 2020, and shaved five percentage points off first-quarter growth.

President Donald Trump has blamed the Biden administration for the the US economy shrinking (Chip Somodevilla/Getty Images)
President Donald Trump has blamed the Biden administration for the the US economy shrinking (Chip Somodevilla/Getty Images)

Consumer spending also slowed sharply to just a 1.8 percent growth from 4 percent in October-December last year, while federal government spending plunged by 5.1 percent in the first quarter.

Advert

Forecasters surveyed by the data firm FactSet had, on average, expected the economy to take out 0.8% growth in the first quarter, but many expected GDP to fall.

Financial markets also sank on the report.

Now, taking to Truth Social, President Trump has replied to the figures and has cast blame upon former POTUS, Joe Biden.

"This is Biden’s Stock Market, not Trump’s," he penned. "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.

Advert

"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!!!"

Trump has insisted that the US economy will 'boom' under his control as he urged Americans to be patient (Chip Somodevilla/Getty Images)
Trump has insisted that the US economy will 'boom' under his control as he urged Americans to be patient (Chip Somodevilla/Getty Images)

The figures have come as Trump’s global trade wars have disrupted business, with him having placed tariffs up to 245 percent on China which, in return, has placed a levies up to 125 percent on US imports.

Advert

But the report wasn't all bad, as it outlined how business investment rose by 21.9 percent. And a category within the GDP data that measures the economy’s underlying strength rose at a healthy 3 percent annual rate from January through March, up from 2.9 percent in the fourth quarter of 2024.

This category includes consumer spending and private investment but excludes volatile items such as exports, inventories and government spending.

The surge in imports – the fastest since 1972 outside Covid-19 economic disruptions – is likely to reverse in the second quarter, removing a weight on GDP.

For that reason, Paul Ashworth of Capital Economics forecasts that April-June growth will rebound to a 2 percent gain.

Featured Image Credit: Chip Somodevilla/Getty

Topics: Donald Trump, Joe Biden, Truth Social, Politics

Joe Yates
Joe Yates

Joe is a journalist for UNILAD, who particularly enjoys writing about crime. He has worked in journalism for five years, and has covered everything from murder trials to celeb news.

X

@JMYjourno

Advert

Advert

Advert

  • Former president Joe Biden has been diagnosed with 'aggressive' cancer, his office confirms
  • Donald Trump explains why 'sad' Joe Biden decision should have been different
  • Lip reader shares thoughts on mysterious comment 'Barron Trump said to Joe Biden' at inauguration
  • Scathing reason Donald Trump has given for taking away major right from Joe Biden that every past president receives

Choose your content:

5 mins ago
an hour ago
  • 5 mins ago

    Everything we know so far after 'new Baba Vanga' predicts catastrophic event as tourists cancel trips

    Apparently tourism has taken a hit in Japan as a result of the worrying forecast for July

    News
  • an hour ago

    Woman who thought she would die during shark attack describes the horrifying moments before she was bitten

    Actual nightmare material...

    News
  • an hour ago

    Scientists discover sitting for hours actually shrinks the brain in disturbing new study

    You might want to get up and walk around to read this

    News
  • an hour ago

    Woman who went viral for using 'clear phone' that left people shocked reveals what it really is

    She said that using the unusual device was 'empowering'

    News