More and more Americans believe the economy is worse under Trump, while Trump blames Biden.

President Donald Trump defended his administration on Wednesday after the release of the first quarter of the Gross Domestic Product (GDP) data. 2025, which show a drop of 0,3%, the worst economic figure since 2022.

Despite analysts' warnings about the impact of his tariff policies, Trump asserted that "the bad numbers are Biden's fault," not his foreign trade decisions.

The fall in GDP contrasts with the 2,4% growth recorded in the last quarter of 2024, when Biden was still in power.cuptook office.

Economists from various perspectives agree that the ambitious reciprocal tariff plan imposed by Trump since the start of his second term could fuel inflation and accelerate a recession.

Trump asks for patience and denies negative effects of his tariffs

From his Truth Social account, Trump stated: “This is Biden’s stock market, not Trump’s.

I didn't take office until January 20th. The tariffs will soon begin to take effect... our country will prosper." He also urged citizens to "be patient" and assured that "when the boom begins, it will be like no other."

In his first 100 days in office, Trump has pursued a policy of trade confrontation, tougher immigration enforcement, and reduced federal staff. Despite his optimistic rhetoric, consumer confidence has fallen to its lowest level since May 2020, according to data from the Conference Board.

Wall Street doesn't respond well

The impact has not been limited to macroeconomic figures. The S&P 500 index lost more than 11% in the first eight days of April, following the announcement of the new tariffs on April 2.

On Wednesday, the Dow Jones fell 400 points (1%), the S&P fell 1,5%, and the technology-focused Nasdaq fell 2,2%.

Although the Dow was riding a six-day winning streak, April will close in the red, with a cumulative decline of 3,5%, reflecting market distrust in the president's economic policy.

Analysts warn of a self-induced recession

Experts consulted by CNN point out that Trump's trade policy is having an immediate and negative effect. Far from protecting US industry, the tariffs have increased the price of inputs and caused uncertainty among businesses and consumers.

"Trump wants to convince voters that the current data is Biden's fault, but it's already becoming clear that the effects of his tariffs are being felt across the country," said a private-sector economist.

With Republicans pushing for an extension of the 2017 tax cuts, and Trump promising to eliminate the income tax in exchange for more tariff revenue, the economic landscape is becoming even more volatile.