President Donald Trump urged Americans to be "patient" with his tariff strategy, blaming former President Joe Biden for what he called an economic "overhang." Writing on Truth Social, Trump distanced himself from recent market volatility, claiming, “This is Biden’s Stock Market, not Trump’s.” He insisted the current slowdown, highlighted by a 0.3% economic contraction in Q1, has “nothing to do with tariffs,” and predicted a historic boom once the Biden-era data clears.
Despite Wall Street’s sharp drop, consumer spending remained strong, rising 0.7% in March. Meanwhile, Trump eased key auto tariffs on Tuesday, calling the move a short-term relief for U.S. manufacturers during a “transition” period.
Treasury Secretary Scott Bessent said several U.S. trading partners had made “very good” offers to avoid full tariffs, with a potential deal with India expected soon. As tariff tensions ease, the administration hints at upcoming bilateral agreements to stabilize the market and spur domestic investment.
