US President Donald Trump blamed his predecessor Joe Biden for the weak economic data announced today and led to a decrease in shares, stating that government data that on the other hand showed the increase in local investment indicates the success of its customs definitions.
“It is necessary to blame Biden for the bad niches announced today with the contraction of the American economy” by 0.3% in the first quarter of this year, which is much lower than the average growth of about 3%, according to the initial government data that were published on Wednesday.
Trump added that he noticed encouraging signs indicating that the customs duties he imposed began to have an effect, despite his assertion that it was “not activated yet.” He explained that he had stopped the high customs duties on many commercial partners, with the exception of China, which imposed a 145%tax.
10% are still fixed for almost all other commercial partners for 90 days, the period that some countries use to negotiate deals with the United States.
Despite the concerns expressed by investors regarding the impact of customs duties on supply chains, specifically with regard to empty stores, Trump insisted that China had “won a trillion dollars” from the United States by selling goods “most of which we do not need.”
Blame
For his part, Andrew Bates, a former White House spokesman during the Biden era, rejected President Biden’s responsibility for the current economic deflation.
He said in a statement: “When Joe Biden Donald Trump handed over the best economy in the world, then experts praised the US economic performance compared to the rest of the rich countries,” he said in a statement.
Now we are facing economic decline due to Trump’s policies, and Biden has publicly warned Trump against raising prices through customs tariffs, and it is now the largest tax increase on the middle class in modern history.
Regarding the impact of trade with China, Trump pointed out that the recent decline in goods flows indicates that Beijing will soon need to negotiate with him. “At some point, I hope to make a deal with China,” he said, adding that he is “unhappy” with the sharp decline in trade between the two countries, and that he wants to “improve China to deal with the United States fairly.”
