BusinessPostCorner.com
No Result
View All Result
Wednesday, June 18, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Trump tells business chiefs he needs ‘little bit of time’ as US economy shrinks

May 1, 2025
in Business
Reading Time: 4 mins read
A A
0
Trump tells business chiefs he needs ‘little bit of time’ as US economy shrinks
ShareShareShareShareShare
Christal Hayes

BBC News, Los Angeles

Watch: Donald Trump on the US economy: ‘Give us a little bit of time’

President Donald Trump has asked for more time on the US economy as it contracted for the first time in three years, stoking recession fears.

He said the figure was misleading because companies had stockpiled imports ahead of his imposition of tariffs.

Trump, however, said $8tn (£6tn) of inward investment had been promised, which he argued would restore American manufacturing prowess.

The US economy contracted at an annual rate of 0.3%, the US commerce department said, a sharp downturn after growth of 2.4% in the previous quarter. It comes as Trump marks 100 days in office, with opinion polls indicating public discontent over his economic stewardship.

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

“This is Biden’s economy because we took over on January 20th,” Trump said. “I think you have to give us a little bit of time to get moving.”

It comes in the aftermath of the Republican president’s import taxes, which have disrupted global trade and markets.

Trump’s finger pointing at Biden drew scorn from Democrats.

Congressman Hakeem Jeffries, minority leader of the US House of Representatives, said: “This is not Joe Biden’s economy, Donald, it is your economy.

“It is the Trump economy, it is a failed economy and the American people know it.”

At Wednesday’s White House event, Trump touted planned investments in technology, healthcare and infrastructure.

He introduced CEOs of major companies, including Hyundai’s Jose Munoz, Toyota’s Ted Ogawa, and Johnson & Johnson’s Joaquin Duato.

Trump also urged Congress to pass his tax bill, which includes trillions of dollars in tax and spending cuts, but faces opposition from Democrats and some Republicans.

Watch: Trump says he doesn’t want China to ‘suffer’ because of tariffs

At a television appearance earlier in the day with cabinet members, Trump played down fears of shortages of items such as toys, as trade between the US and China falls sharply.

“Well, maybe the children will have to have two dolls instead of 30 dolls, you know?” he said. “And maybe the two dolls will cost a couple of bucks more than they would normally.”

Trump has enacted 10% levies on imports to the US from nearly all countries, after announcing a 90-day pause on higher tariffs. The amount paid by these countries could change after the period expires in July.

Another 25% tariff has been imposed on Mexico and Canada. The levies on China, however, have led to an all-out trade war with the world’s second largest economy.

Trump imposed import taxes of up to 145% on Chinese goods coming into the US and China hit back with a 125% tax on American products.

His administration said when the new tariffs were added on to existing ones, the levies on some Chinese goods could reach 245%.

​​ A thin, grey banner promoting the US Politics Unspun newsletter. On the right, there is an image of North America correspondent Anthony Zurcher, wearing a blue suit and shirt and grey tie. Behind him is a visualisation of the Capitol Building on vertical red, grey and blue stripes. The banner reads: "The newsletter that cuts through the noise.”

Follow the twists and turns of Trump’s second term with North America correspondent Anthony Zurcher’s weekly US Politics Unspun newsletter. Readers in the UK can sign up here. Those outside the UK can sign up here.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Can These 3 Tokens Really Hit $1? Charts Say It’s Possible

Next Post

Apple referred for possible criminal contempt investigation

Next Post
Apple referred for possible criminal contempt investigation

Apple referred for possible criminal contempt investigation

Minister to soften impact of planned disability benefit cuts

Minister to soften impact of planned disability benefit cuts

June 13, 2025
HYPE Explodes 10% to New All-Time High Above  – Is This the Top?

HYPE Explodes 10% to New All-Time High Above $44 – Is This the Top?

June 16, 2025
XRP Price Prediction: Down 2.6% This Week – Is a Reversal Brewing for XRP?

XRP Price Prediction: Down 2.6% This Week – Is a Reversal Brewing for XRP?

June 15, 2025
UN atomic watchdog rebukes Iran over nuclear breaches

UN atomic watchdog rebukes Iran over nuclear breaches

June 12, 2025
What Southeast Asia’s largest companies say about a region in flux

What Southeast Asia’s largest companies say about a region in flux

June 16, 2025
Man suspected of shooting 2 Minnesota lawmakers caught

Man suspected of shooting 2 Minnesota lawmakers caught

June 16, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Opening of HS2 line set to be delayed beyond 2033

Opening of HS2 line set to be delayed beyond 2033

June 18, 2025
Donald Trump to extend US TikTok ban deadline, White House says

Donald Trump to extend US TikTok ban deadline, White House says

June 18, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!