U.S. President Donald Trump speaks during a rally to mark his 100th day in office, at Macomb Community College in Warren, Michigan, U.S., April 29, 2025.
Evelyn Hockstein | Reuters
President Donald Trump on Wednesday blamed his predecessor and defended his sweeping tariffs after new data showed the U.S. economy contracting last quarter, while warning that his promised “boom” will “take a while.”
“This is [former President Joe] Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th,” Trump said in a Truth Social post.
“Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden ‘Overhang,'” he claimed.
“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 wrote.
The defensive social media post came less than an hour after the release of a U.S. Department of Commerce report showing the economy fell at a 0.3% annualized pace in the first three months of the year.
This is breaking news. Please refresh for updates.
— CNBC’s Jeff Cox contributed to this report.
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