Trump tells business chiefs he needs 'little bit of time' as US economy shrinks

US President Donald Trump has recently requested a bit more time to address the challenges facing the economy, which has contracted for the first time in three years, raising concerns about a potential recession. Trump argued that the economic figures are misleading, as many companies had stockpiled imports in anticipation of the tariffs he imposed. He claimed that $8 trillion in investments have been promised, which he believes will help restore the strength of American manufacturing. According to the US Commerce Department, the economy shrank at an annual rate of 0. 3%, a significant decline from the previous quarter's growth of 2. 4%. This news comes as Trump marks his 100th day in office, with public opinion polls indicating dissatisfaction with his management of the economy. During a White House event attended by business leaders, Trump placed the blame for the disappointing gross domestic product data on his Democratic predecessor, President Joe Biden. He stated, 'This is Biden's economy because we took over on January 20th,' and emphasized the need for more time to get things back on track. This situation follows the implementation of Trump's import taxes, which have disrupted global trade and markets. Trump's attempt to shift blame to Biden was met with criticism from Democrats. Congressman Hakeem Jeffries, the minority leader of the US House of Representatives, responded, 'This is not Joe Biden's economy, Donald, it is your economy. It is the Trump economy, it is a failed economy and the American people know it. ' At the White House event, Trump highlighted planned investments in technology, healthcare, and infrastructure, introducing CEOs from major companies such as Hyundai, Toyota, and Johnson & Johnson. He also urged Congress to pass his tax bill, which includes trillions of dollars in tax cuts and spending reductions, but faces opposition from both Democrats and some Republicans. Earlier in the day, during a television appearance with cabinet members, Trump downplayed fears of shortages of items like toys, as trade between the US and China has sharply declined. He remarked, 'Well, maybe the children will have to have two dolls instead of 30 dolls, you know? ' and added that the two dolls might cost a bit more than usual. Trump has enacted a 10% tariff on imports from nearly all countries after announcing a 90-day pause on higher tariffs. The amounts paid by these countries could change after the pause ends in July. Additionally, a 25% tariff has been imposed on imports from Mexico and Canada. However, the tariffs on China have led to an all-out trade war with the world's second-largest economy. Trump has imposed import taxes of up to 145% on Chinese goods entering the US, while China retaliated with a 125% tax on American products. His administration indicated that when the new tariffs are combined with existing ones, the levies on certain Chinese goods could reach as high as 245%.