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Trump Blames Biden for Economic Downturn as Tariff Fallout Deepens

Despite a 0.3% GDP contraction and market volatility tied to his tariff policies, Trump shifts responsibility to his predecessor while economists cite his trade measures as the primary cause.

President Donald Trump speaks as he signs executive orders in the Oval Office of the White House, Thursday, April 17, 2025, in Washington, as Commerce Secretary Howard Lutnick listens. (AP Photo/Alex Brandon)
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Overview

  • U.S. GDP contracted by 0.3% in Q1 2025, marking the first economic decline in two years, with economists attributing the downturn to Trump's tariff policies.
  • Imports surged 41% in Q1 as businesses rushed to beat impending tariffs, the largest jump since 1972 outside of the pandemic, further straining the economy.
  • The S&P 500 has dropped 6% year-to-date, with experts citing erratic tariff measures as a key driver of market instability and manufacturing sector challenges.
  • Trump has shifted blame for economic struggles to Biden, labeling the current market conditions as 'Biden's Stock Market' while denying tariffs' impact.
  • All comments in the April Institute for Supply Management survey highlighted operational disruptions caused by tariffs, reflecting widespread business uncertainty.