Trump decries ‘Biden’s Inventory Market’ after capping worst 100-day market efficiency in many years

President Trump was fast to reply Wednesday to the information that the US economic system contracted for the primary time in three years, which despatched inventory indexes decrease.

“That is Biden’s Inventory Market … we now have to eliminate the Biden ‘Overhang,'” he mentioned in a social media put up.

He added a collection of all-caps messages saying that the contraction has “NOTHING TO DO WITH TARIFFS” and likewise “BE PATIENT!!!”

The timing of the lower-than-expected GDP quantity and additional sell-off could not be worse for Trump.

The president is about to complete his first 100 days in workplace in the present day with one other collection of dour financial indicators creating new strain on his commerce plans, particularly after tariffs drove a traditionally bleak begin to his presidency within the inventory market.

The Wednesday morning put up was a part of a scramble from Trump and his workforce to elucidate the information. White Home Commerce Counselor Peter Navarro mentioned on CNBC, “That is the very best destructive print I’ve ever seen in my life,” pointing to issues like a surge in imports and home funding.

Markets must “look beneath the floor,” he added.

All of it got here in response to a Bureau of Financial Evaluation advance estimate of the primary quarter US actual home product (GDP) discovering that actual GDP decreased by 0.3% within the first quarter of 2025. It was each under expectations and the primary destructive GDP studying since 2022.

Later within the day at a Cupboard assembly, Trump additionally pointed to the core GDP — a measure of financial development what excludes issues like authorities spending and web exports — which certainly paints a greater image.

“Eradicating distortions from imports, inventories, and authorities spending was up shut to three%,” Trump famous including “we had numbers that regardless of what we have been handed, we turned them round.”

The readings span the final 20 days of Joe Biden’s presidency and roughly 70 of Trump’s first days in workplace.

Trump is clearly aiming to give attention to these first 20 days with former Biden spokesperson Andrew Bates responding to Trump’s claims saying “When Joe Biden handed Donald Trump the best-performing economic system on this planet, consultants praised the U.S. for leaving each different rich nation ‘within the mud.’ Now we’re plummeting towards a Trumpcession.”

Learn extra: The most recent information and updates on Trump’s tariffs

Trump’s Wednesday morning claims additionally sought to keep away from discuss of the impression of his historic tariff efforts with claims that few economists would agree with.

The Aggressive Enterprise Institute, a free-market-focused suppose tank in Washington, D.C., was one of many many to shortly push again.