**As the U.S. economy contracts, Trump insists on needing more time to address challenges while blaming prior administration for the downturn.**
**Trump Appeals for Patience Amid Economic Contraction**
**Trump Appeals for Patience Amid Economic Contraction**
**President cites import stockpiling and planned investments as reasons for optimism despite GDP decline.**
President Donald Trump has called for a little more time as the U.S. economy faces its first contraction in three years, igniting recession concerns across the country. He characterized the reported economic decline as misleading, attributing it to businesses stockpiling imports in anticipation of tariffs he has implemented. Trump pointed to a commitment of $8 trillion (£6 trillion) in future investments, arguing that such funds would help regain the country's manufacturing strength.
The U.S. economy shrank at an annualized rate of 0.3%, according to data from the Commerce Department, a significant fall from a growth rate of 2.4% observed in the previous quarter. This announcement coincides with the 100-day mark of Trump's presidency, a period during which service-industry sentiment has reportedly waned in light of economic pressures.
During a White House event attended by various business leaders, Trump attributed the poor GDP figures to his Democratic predecessor, President Joe Biden. "This is Biden's economy because we took over on January 20th," Trump stated. He urged the public and businesses to allow him some time to implement his economic plans.
In response, Democrats criticized Trump’s rhetoric. House Minority Leader Hakeem Jeffries asserted, "This is not Joe Biden's economy, Donald; it is your economy. It is a failed economy, and the American people know it."
At the event, Trump showcased investment plans in various sectors, including technology and healthcare, as well as efforts to move forward with his contentious tax bill that seeks massive cuts in taxes and spending. However, this proposal faces notable pushback from both Democrats and a faction of Republicans.
Additionally, while addressing concerns over potential shortages from reduced trade with China, Trump took a dismissive tone, suggesting that children might need to settle for fewer toys at slightly higher prices. His administration has enacted tariffs of 10% on imports from numerous countries, supplemented by 25% tariffs on trade with Canada and Mexico. The ongoing trade conflict with China remains intense, with tariffs on Chinese goods reaching as high as 145%, resulting in retaliatory tariffs from Beijing.
As fears of an economic downturn grow and public opinion reflects dissatisfaction regarding Trump's economic management, the path ahead for the administration appears fraught with challenges.
