President Trump celebrates economic agenda in first 100 days despite first quarter decline
President Donald Trump is highlighting his economic achievements during his first 100 days, but a new government report reveals that the U.S. economy experienced its first decline in three years during the first quarter of the year.
In a meeting with his Cabinet, President Trump attributed the economic downturn to his predecessor, saying, "That's Biden, that's not Trump because we came in on January these are quarterly numbers and we came in and I was very against everything that Biden was going in terms of the economy, destroying our country."
Data from the Commerce Department indicates that the gross domestic product declined by 0.3% from January to March. The drop is largely attributed to a surge in imports as companies rushed to bring in foreign products before President Trump imposed large tariffs, coupled with a decrease in government spending.
On a positive note, data measuring the economy's underlying strength rose by 3%, though some economists express concern about potential worsening conditions in the coming months.
Adam Hersh from the Economic Policy Institute said, "My biggest concern about this downturn in economic growth is that the Trump administration doesn't seem to have policies in place that are going to counteract the slowdown in economic growth."
This decline in GDP reverses the 2.4% gain seen in the previous quarter. However, the White House remains optimistic, pointing to new investments as evidence of an "economic boom."