The president demands "patience" as businesses react negatively to Trump's active efforts to subvert global trade.

U.S. President Donald Trump accused former President Joe Biden of falling major economic indicators in his first few months as president, due to widespread damage caused by Trump's tariff policies.

The U.S. economy contracted 0.3% in the first quarter of this year, the first decline in three years. In the last three months of 2024, the economy grew by 2.4%.

"It's Biden's stock market, not Trump's stock market," Trump said on his website's truth social. "Tariffs will start soon and companies will start to enter the United States with record numbers. Our country will flourish, but we have to get rid of the "overhang" of biden. It will take a while and it has nothing to do with tariffs, it's just that he leaves us bad numbers, but when the boom begins, it won't be patient.

Since taking office, Trump’s efforts to urge the global trade system through a series of active import responsibilities have caused turmoil in financial markets due to concerns about the escalating trade war and uncertainty in tariff policies.

Imports grew in the first quarter as U.S. businesses tried to raise costs in future tariffs. However, inflation continues to ease. In March, consumer prices were 2.3% higher than the same period last year, compared with 2.5% in February.

In a White House press release, press secretary Karoline Leavitt reflected Trump's claim that Biden should blame any turmoil, while also noting Wednesday's economic report showed "strong economic momentum."

"It's no surprise that Biden's leftovers of economic disaster are struggling for economic growth, but the basic figures tell the true story of the strong momentum President Trump is achieving," Levitt said.

Many economic analysts blame Trump's confusing approach on the marking indicators of the United States. Since taking office, the S&P 500 has shrunk by about 7.3%.

High-frequency economist Carl Weinberg told the news agency that if the trade blowout is the result of companies that pre-purchase imports to beat tariffs, the decline in trade balances will reverse in the second quarter. "This will generate some GDP growth." However, corrosive uncertainty and higher taxes, tariffs, are taxes on imports, will restore GDP growth to red by the end of this year. ”

In recent weeks, the White House has suggested it could attract tariffs with major trading partners like China, such as China, and Treasury Secretary Scott Bessent said last week that current interest rates are not “sustainable.”