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

Submitted ⁨⁨4⁩ ⁨days⁩ ago⁩ by ⁨MicroWave@lemmy.world⁩ to ⁨economics@lemmy.world⁩

https://www.bbc.com/news/articles/c807n4rnmjyo

Donald Trump has asked for more time on the US economy as it contracted for the first time in three years, stoking recession fears.

He claimed the figure was misleading because companies had stockpiled imports ahead of his imposition of tariffs.

The US economy contracted at an annual rate of 0.3%, the US commerce department said, a sharp downturn after growth of 2.4% in the previous quarter. It comes as Trump marks 100 days in office, with opinion polls indicating public discontent over his economic stewardship.

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Jaysyn@lemmy.world ⁨4⁩ ⁨days⁩ ago
Time is only going to make it worse, not better. The real pain hasn’t even started yet.

We need to cut this cancer out while we still can.

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- Bonesince1997@lemmy.world ⁨4⁩ ⁨days⁩ ago
  Little mix up on the 2nd date (2005 instead of 2025). Whatever, I’m still partying like it’s 1799!
  
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Oyu_Fka@lemm.ee ⁨4⁩ ⁨days⁩ ago
Just because Zelensky was once a comedian, who stepped up to became a strong and capable president, it doesn’t mean employing a bunch of clowns to run your country is necessarily a good idea, lol!

I honestly can’t wait to see how trump and his circus explain their way out of this - trump’s already trying to pin it on the previous Biden govt. ffs 😵‍💫.

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- snekerpimp@lemmy.world ⁨4⁩ ⁨days⁩ ago
  “Biden left the worse economy, the worst of all time, just to make me look bad. We should lock him up so he doesn’t ruin the economy anymore!!!”
  
  I’m sure some of those words would be all caps, for importance.
  
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halcyoncmdr@lemmy.world ⁨4⁩ ⁨days⁩ ago

He claimed the figure was misleading because companies had stockpiled imports ahead of his imposition of tariffs.

I mean he’s probably right… Except if they were importing ahead of time to avoid the tariffs, you would assume things to either be the same or have a slight increase… Not contracting.

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- KingGordon@lemmy.world ⁨4⁩ ⁨days⁩ ago
  Maybe it would have contracted more, but the pre-buying made the contraction less severe.
  
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  - givesomefucks@lemmy.world ⁨4⁩ ⁨days⁩ ago
    That’s two separate thoughts tho, trump and his supporters can’t keep two thoughts in their head at once.
    
    If they pre-bpught to avoid tariffs (unlikely due to little warning) then that’s been propping up this quarter. So it would have been worse and will make the transition even worse.
    
    There’s no way out of this, and no rational people to save anything. Shits going to be really bad, the silver lining is it’s going to get unignorably bad so historically that leads to a FDR type government that actually fixes shit
    
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- wise_pancake@lemmy.ca ⁨4⁩ ⁨days⁩ ago
  He is right on that, I can’t share my source, but I do know for a fact that broadly companies have been stockpiling.
  
  Seasonal industries like fashion are going to be first hit. Manufacturing is already hit. Now that the spring season is running out the apparel industry is going to come into the brunt of tariffs and we’re going to start seeing the pain ramping up through the summer.
  
  Expect big changes in what’s on the shelves soon.
  
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GoodOleAmerika@lemmy.world ⁨4⁩ ⁨days⁩ ago
Only way to get him out is make this economy so poor that people don’t have food. Yep that on when people going to revolt. Else we are not going anywhere.

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Bonesince1997@lemmy.world ⁨4⁩ ⁨days⁩ ago
He hasn’t raped and destroyed enough stuff. He needs more time.

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