Trump's actions cause US GDP to fall and the stock market to suffer its worst start to a presidential term since the 1970s.

The US president has caused GDP to decline by 0.3% in the first quarter of 2025 and blames Biden. This is the first US GDP contraction in three years and coincides with Donald Trump's inauguration on January 20, which triggered a wave of global tariff increases, federal spending cuts, and tax reduction announcements. In yet another instance of the uncertainty caused by Trump's trade war, during which he has repeatedly announced and canceled tariffs, analysts initially predicted a 0.4% increase in GDP for the first quarter; however, they later revised their forecast to negative.