US President Donald Trump has shared his first reaction to the GDP figures which were announced this morning, which indicates the US economy shrank 0.3% in first three months of this year. On Truth Social, Trump claims: "this is Biden’s Stock Market, not Trump’s".

U.S. President Donald Trump said on Wednesday that Americans should be patient in the face of a first quarter economic contraction, arguing that his tariffs would eventually lead to a boom in the U.S.

A closely watched inflation gauge cooled last month in a sign that prices were steadily easing before most of President Donald Trump’s tariffs were implemented. At the same time, consumers accelerated their spending,

U.S. consumer spending increased solidly in March as households boosted purchases of motor vehicles to avoid higher prices and shortages due to tariffs, but that did little to change economists' views that the economy had shifted into lower gear.

Inflation slowed sharply in March, moving closer to the Federal Reserve’s 2% target, while tariff-induced consumer spending continued to fuel the economy.