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Trump blames Biden ‘overhang’ after GDP shrinks in first quarter, says growth will ‘take a while’

  • According to government data, the U.S. Gross domestic product declined by 0.3% on an annualized basis in the first quarter of 2025.
  • This contraction followed President Trump’s return to office in January amid concerns about the lingering 'Biden overhang', which he cited as a cause.
  • Trump blamed the previous administration for the slowdown while emphasizing a healthy 4.2% unemployment rate, and warned growth would take time to recover.
  • The presidential trade advisor described the recent GDP decline as a temporary effect caused by higher imports, emphasizing that the overall economic outlook remains positive.
  • The stock market fell sharply after the GDP report, fueling Democratic claims that Trump’s policies may risk recession, though Trump promised a coming economic boom.
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Forbes broke the news in United States on Wednesday, April 30, 2025.
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