The contraction was partly due to an influx of imported goods, as businesses rushed to stock up to avoid higher costs. This highlighted the disruptions caused by Trump’s unpredictable tariff strategy.

Trump placed the blame for the weak performance on his successor, President Joe Biden. He stated, “This is Biden’s economy, not mine,” and emphasized that the country would thrive once the negative effects of Biden’s policies were overcome.

He further remarked, “It will take some time, and this has NOTHING TO DO WITH TARIFFS, but rather the poor numbers left by Biden. When the recovery begins, it will be unprecedented. BE PATIENT!”