
has blamed the on Joe Biden and issued a two-word demand to Americans. The US president unleashed a fiery rant on his social media platform Truth Social, telling the public to "be patient" while his tariffs are rolled out. He wrote: "This is Biden's Stock Market, not Trump's. I didn't take over until January 20th. in, and companies are starting to move into the USA in record numbers.
"Our Country will boom, but we have to get rid of the Biden 'Overhang.' 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!!!" The Republican's "Liberation Day" tariffs, set at a baseline of 10%, as stock markets tanked.
Now, nearly a month later, the US economy is still struggling. In the first three months of the year, it shrank 0.3% as firms stockpiled imports in a panic, according to data from the US Bureau of Economic Analysis.
The decline was mainly caused by a drop in government spending, 40%, the Commerce Department said.
Despite this, experts have suggested that the economic downturn could be a one-off event. Paul Ashworth, chief North America economist at Capital Economics told the that "the surge now appears to be going into reverse".
He added that the economy could bounce back in the next few months if imports fall.
Shipping bosses have also warned of the impact of Mr Trump's tariffs, with Gene Seroka, the director of the Port of Los Angeles warning last week that arrivals will plummet within two weeks.
He said arrivals will "drop by 35% as essentially all shipments out of China for major retailers and manufacturers has ceased". Mr Seroka added that cargo from South East Asia "is much softer than normal with tariffs now in place".
Tuesday marked and to celebrate his administration boasted of its economic achievements, despite data suggesting otherwise.
Its statement claimed there had been £3.7 trillion in investments, which would create over 450,000 new jobs and "American prosperity".
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