Decline in GDP 'has nothing to do with tariffs': Trump

WASHINGTON

President Donald Trump said Wednesday the contraction in the US economy "has nothing to with tariffs."

“This is Biden’s Stock Market, not Trump’s. 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.'" Trump wrote on Truth Social.

The gross domestic product (GDP) fell 0.3% in the first quarter of 2025, down from 2.4% in the last quarter of 2024.

"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!!!" said Trump.

US Senate Minority Leader Chuck Schumer slammed Trump after the GDP figures were released.

"Today’s GDP number shows Donald Trump is running America the same way he ran his business—straight into the ground," Schumer said on X, adding Trump has to admit "his failure" and "immediately" fire his economic team.