U.S. President Donald Trump said on Wednesday that Americans should be patient in the face of a first quarter economic contraction, arguing that his tariffs would eventually lead to a boom in the U.S. economy.
The economy shrank in the first quarter, weighed down by a deluge of goods imported by businesses eager to avoid higher costs, underscoring the disruptive nature of Trump's often chaotic tariff policy.
Republican Trump blamed his Democratic predecessor, Joe Biden, for the poor showing.
"This is Biden’s Stock Market, not Trump’s," he said. "Our Country will boom, but we have to get rid of the Biden 'Overhang.'
Trump added: "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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