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US, Trump blames Biden for falling GDP: ‘We inherited a disaster’
President revives tariffs and promises recovery as economy scores -0.3% in Q1 2025
Donald Trump is back to attacking his predecessor Joe Biden after the release of preliminary figures that signal a 0.3% contraction in US GDP in the first quarter of 2025. The president, who took office in January, claimed he had ‘inherited an economic disaster’ and relaunched his protectionist policy as a solution to revive growth.
In a post on Truth, Trump wrote: ‘I did not take office in January 2025. Tariffs will go into effect soon and companies are starting to return to the US. We will prosper, but we need to get rid of the Biden surplus.’ He added: ‘It will take some time, but when the boom starts it will be like no other.’
During the cabinet meeting, the president reiterated that the previous administration was to blame for the economic slowdown: ‘These are numbers from the quarter, it’s Biden. He was destroying the economy.’ He also vindicated the effectiveness of the tariffs, claiming that the US has already ‘collected $8 trillion’.
The trade confrontation with China remains central to Trump’s strategy. ‘The Chinese are doing terrible,’ he said, ‘factories are closing because we don’t buy their products. I’m not happy, but every country has to treat us with respect’.
According to the Commerce Department, the drop in GDP – the first since 2022 – coincided with a 32% drop in consumer confidence and would be exacerbated by the increase in imports, linked to the imminent entry into force of tariffs. The International Monetary Fund meanwhile revised its growth forecast for 2025 downwards: +1.8%, compared to the +2.7% estimated in January.
At the same time, Trump announced that he was considering legal action against the New York Times, accusing it of ‘election interference’ in connection with the coverage of his lawsuit against Paramount, the owner of CBS. He called the conduct of the 60 Minutes programme, accused of favouring one of his political opponents, ‘illegal’.
‘What they have done is among the most egregious wrongdoings in broadcasting history,’ Trump wrote, concluding, ’It is critical that these liars and crooks be held accountable.’
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(Photo: © AndKronos)
