During a Cabinet meeting with his top advisers, U.S. President Donald Trump praised his administration’s tariff policies and applauded American companies for boosting domestic investments.
This show of support comes on the heels of a government report revealing that the U.S. economy contracted by 0.3% in the first quarter of the year—the first time it’s shrunk since 2022. Economists say the dip was largely driven by businesses rushing to import goods before Trump’s tariffs took effect.
Despite the negative economic data, Trump dismissed concerns, instead blaming the downturn on President Joe Biden. “The bad numbers on Wall Street have nothing to do with tariffs,” Trump claimed, pointing the finger at Biden’s prior economic policies.
Later today, Trump is scheduled to host an investment event featuring top executives from major corporations, including Nvidia and GE Aerospace, as he seeks to highlight growing confidence in the U.S. economy and attract more business back home.
