1 day Ago
US President Donald Trump has urged patience in the face of a first quarter economic contraction, arguing that his tariffs will eventually lead to a boom in the United States economy. Login or signup to continue reading Investors were left with little clarity on Wednesday about the health of the country's economy despite a fresh report on gross domestic product, with the fallout from Trump's sweeping tariffs muddying growth signals. US gross domestic product fell at a 0.
3 per cent annualised rate last quarter. Imports jumped at a 41.3 per cent rate, resulting in a large trade gap that chopped off a record 4.
83 percentage points from GDP. On its face, the first-quarter data showing the first US economic contraction since 2022 was alarming and brought immediate pressure on US stocks. But some economists had braced for an even deeper contraction and were encouraged by the data.
The weakness stemmed from a surge in imports as businesses sought to avoid higher costs from the new tariffs, a phenomenon that many analysts said was poised to reverse in coming months. Investors faced a similar position as they had before the highly anticipated report, vulnerable to twists and turns in Trump's very much unresolved trade war that stood to keep markets on edge and the potential for a recession still on the table. Republican Trump blamed his Democratic predecessor, Joe Biden, for the poor showing.
"This is Biden's Stock Market, not Trump's," he said on Truth Social. "Our Country will boom, but we have to get rid of the Biden 'Overhang.' Trump added: "This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other.
BE PATIENT!!!" Australian Associated Press Daily Today's top stories curated by our news team. Also includes evening update. Weekdays Grab a quick bite of today's latest news from around the region and the nation.
Weekdays Catch up on the news of the day and unwind with great reading for your evening. Weekly Get the editor's insights: what's happening & why it matters. Weekly Going out or staying in? Find out what's on.
Weekly Love footy? We've got all the action covered. Weekly The latest news, results & expert analysis. Weekly Follow the Newcastle Knights in the NRL? Don't miss your weekly Knights update.
Weekly Get the latest property and development news here. Weekly Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. Weekdays Sharp.
Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more.
Twice weekly Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. Twice weekly Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. Weekly Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner.
As it happens Be the first to know when news breaks. Daily Your digital replica of Today's Paper. Ready to read from 5am! Daily Test your skills with interactive crosswords, sudoku & trivia.
Fresh daily!.
