By Ethan Brooks
Published May 5, 2025, 3:00 AM
In a bold and contentious statement, President Donald Trump claimed credit for the economic successes during his administration while simultaneously placing the blame for any current economic woes squarely on President Joe Biden’s shoulders.
During an interview on NBC’s Meet the Press, which aired Sunday, Trump insisted that the “good parts” of the U.S. economy were the result of his administration’s policies, while the “bad parts” could be attributed to Biden. “I think the good parts are the Trump economy, and the bad parts are the Biden economy because he’s done a terrible job,” Trump said, signaling his intentions to deflect any blame for potential economic struggles in the months ahead.
This marks the strongest indication yet that Trump plans to distance himself from the economic fallout that has affected businesses and consumers alike as a result of the tariffs and trade policies instituted during his presidency. While the economic data shows signs of growth, there is mounting concern about the long-term impacts of those same policies, particularly as businesses navigate the effects of high tariffs.
The State of the Economy: Mixed Signals
While Trump continues to champion the economy as a triumph of his administration, there are mixed signals coming from official economic data. Most notably, the U.S. economy contracted at an annualized rate of 0.3% in the first quarter of 2025, signaling potential trouble ahead. However, economists suggest that the contraction was largely due to a massive swing in imports, as businesses rushed to stockpile goods in anticipation of the tariffs taking effect. Without that specific distortion, the underlying demand for goods and services remains relatively strong.
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The April jobs report released last week showed that employers added 177,000 jobs in the month, and the unemployment rate remains historically low. This positive news was a highlight for Trump, who took to social media to take credit for the strong labor market, boasting about the employment numbers on his Truth Social platform.
Trump’s Stance on Tariffs and Trade
Trump has consistently defended his controversial trade policies, particularly the tariffs imposed on China. During the interview, he reiterated that the tariffs were designed not just to raise revenue but to incentivize American companies to return to the U.S. and build manufacturing facilities, thus reducing dependence on foreign-made goods. “I don’t view it as a tax,” Trump explained. “I view it as an incentive for people to come into the United States and build plants, factories, offices… a lot of things.”
However, these same policies have raised significant concerns among economists, who argue that the tariffs could slow economic growth and raise costs for American consumers. Goldman Sachs forecasts that the U.S. economy will grow by just 0.5% in 2025, a dramatic slowdown from the 2.3% growth rate seen in 2024, the last year fully under Biden’s leadership.
A Complicated Legacy
While Trump proudly claims the economic growth of his administration, it’s important to consider that the U.S. economy during his time in office saw both periods of expansion and contraction. The economy grew at an annualized rate of 2.8% in the fourth quarter of 2024, reflecting the final months of Trump’s presidency. However, economists have pointed out that the full impact of his trade policies, especially the tariff wars with China, may be contributing to the current contraction.
The reality of economic fluctuations during any presidency is often complex. As Trump looks ahead to potential re-election, he is likely to continue using the economy as a central point of his campaign, highlighting his successes while blaming Biden for any downturns. But as the year progresses, the consequences of the trade policies Trump left behind will become clearer, and the economic landscape will be one of the key factors that shape the next phase of his political career.
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Looking Forward
With Wall Street economists predicting slower growth ahead and businesses bracing for the full impact of ongoing trade tensions, the next few months could prove critical in shaping the public’s perception of the economy. As Trump continues to tout his economic legacy, it remains to be seen how the trade policies he championed will affect growth and consumer prices in the long run.
The political fallout from these economic developments is sure to play out in the coming months, as both Trump and Biden attempt to steer the narrative surrounding the future of the U.S. economy.
Source: Axios Media
