Trump asks Wall Street heads for a “little bit of time” amid a weakening US economy
The post Trump asks Wall Street heads for a “little bit of time” amid a weakening US economy appeared on BitcoinEthereumNews.com.
President Donald Trump has asked Wall Street to give him “a little bit of time” to boost the US economy, which recorded its first contraction in three years. The Commerce Department reported Wednesday that the US gross domestic product shrank at an annual rate of 0.3%, a reversal from the 2.4% growth posted in the previous quarter. Speaking at a White House event attended by top business executives, Trump blamed his predecessor, President Joe Biden, for America’s economic slump and said citizens “have to give him a little bit of time to get moving.” The president’s comments did not please Democratic leaders, who argued that Trump, not Biden, must answer for the economic decline. “This is not Joe Biden’s economy, Donald, it is your economy,” said House Minority Leader Hakeem Jeffries. “It is the Trump economy; it is a failed economy, and the American people know it.” According to the White House Archives, former President Joe Biden left office when the national unemployment rate stood at 4.1%, capping off a term that saw the lowest average jobless rate of any presidency since the 1960s. The data also showed that inflation peaked during the post-pandemic supply chain disruptions but dropped to 2.9% at the start of 2024, a level nearing the Federal Reserve’s long-term target. Gross domestic product (GDP) growth expanded at a 3.1% annual rate, outpacing other G7 nations. Congress divided over Trump’s 100-day progress in office During Wednesday’s event, Trump defended his policies with plans for large-scale investments in infrastructure, healthcare, and technology, announcing $8 trillion in new private-sector commitments. He introduced several CEOs, such as Hyundai’s Jose Munoz, Toyota’s Ted Ogawa, and Johnson & Johnson’s Joaquin Duato, promising that the company heads would invest in America and improve the country’s manufacturing output. Yet, in Congress, the Senate narrowly…
Filed under: News - @ May 1, 2025 7:28 am