Trump tells business chiefs he needs 'little bit of time' as US economy shrinks
Summary
President Donald Trump has asked for patience as the US economy contracts for the first time in three years. Despite this setback, Trump insisted that significant foreign investment was due, which he believes will bolster American manufacturing.Key Facts
- The US economy has contracted (shrunk) at an annual rate of 0.3%.
- Before the contraction, economic growth was at 2.4%.
- President Trump said $8tn (£6tn) of foreign investment is coming, which will help American manufacturing.
- Trump attributed the poor economic data to previous President Joe Biden, who he replaced in office on January 20th.
- Trump initiated import taxes that have altered global trade and markets.
- All countries importing to the US have been subjected to a 10% tariff, with exceptions to Mexico and Canada with 25% tariff.
- The US and China are in an intense trade conflict following Trump's taxes on Chinese imports and retaliatory taxes from China.
- Trump is also attempting to get his tax bill passed, which includes large tax and spending cuts.
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