Trump demands time to assess the US economy after its first contraction in 3 years – BBC

President Donald Trump has asked for more time to analyze the state of the US economy, as it shrank for the first time in three years, raising fears of a recession. This is reported by UNN with reference to BBC.

DetailsThe head of the White House said that this figure is misleading, as companies have accumulated import stocks before he introduced tariffs.

Trump also stated that $8 trillion in domestic investment has been promised, which he believes will restore American manufacturing capacity.

According to the US Department of Commerce, the US economy shrank by 0.3% year-on-year, a sharp decline after growing by 2.4% in the previous quarter. This comes as Trump marks 100 days in office as president, and public opinion polls show public dissatisfaction with his economic management.

Speaking Wednesday afternoon at a White House event attended by business leaders, Trump blamed his Democratic predecessor Joe Biden for disappointing gross domestic product data.

This is Biden’s economy, because we came to power on January 20. I think you should give us some time so we can move forward

Trump’s reference to Biden drew backlash from Democrats.

This is not Joe Biden’s economy, Donald, this is your economy. This is Trump’s economy, it’s a failing economy, and the American people know it

Also at the White House event, Trump executives of the largest companies, including Jose Munoz of Hyundai, Ted Ogawa of Toyota and Joaquin Duato of Johnson & Johnson. He also urged Congress to pass his tax bill, which calls for trillions of dollars in tax and spending cuts but faces opposition from Democrats and some Republicans.

AdditionAmerican retailers are increasingly concerned that US President Donald Trump’s trade war and growing instability will lead to empty shelves, higher prices and store closures as imports from China are virtually halted.

Someone said, “Oh, the shelves will be empty.” Well, maybe the kids will have two dolls instead of thirty, and maybe those two dolls will cost a couple of dollars more