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President Donald Trump pointed the finger of blame at former President Joe Biden, after data showed the U.S. economy shrank for the first time in three years.
The Bureau of Economic Analysis said the U.S. economy contracted by 0.3 percent between January and March, due mostly to a large spike in imports as businesses stockpiled in anticipation of Trump’s promised tariffs.
“This is Biden’s Stock Market, not Trump’s,” Trump posted to his Truth Social platform after the economic news dropped, and markets braced to open lower.
“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.
“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!!!”
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