Economic downturns attributed to Biden's presidency by Trump

Revised Article:

Going Off Script: Trump's Economy Toss-Up

Washington, D.C. - In a Sunday interview on NBC, former President Donald Trump placed the credit for upside economic movements under his administration, while blaming current President Joe Biden for the downsides, labeling his tenure as "terrible."

"I'm the one who desks the responsibility, but I've been here for less than four months," Trump declared, spinning the economic narrative.

Taking a broad victory lap for economic aspects he considers his accomplishments, Trump boasted of his success in driving down prices, mainly attributing it to the trade war he reinstated upon his return to the White House.

While economic indicators remain relatively stable (unemployment rate of 4.2% in April and inflation rate of 2.3% in March, slightly above the Fed target), they've painted a picture of rising concern. Fed officials have reconsidered their outlook, predicting reduced economic growth, increased inflation, and higher unemployment levels in the world's leading economy.

When asked about the potential looming recession, Trump coolly replied, "Anything can happen." He confidently forecasted the impending "biggest economic boom in history" owing to his political decisions.

As tensions flare with Beijing, Trump is focusing his fire with a 145% tariff on Chinese products. When asked if this move had effectively decimated trade relations, Trump confirmed, "We've essentially torn apart trade relations by imposing such high tariffs." Yet, he hinted at potential tariff reduction down the line.

A sharp critic of Fed Chairman Jerome Powell, Trump renewed his call for Powell to lower interest rates, claiming the moment is "ideal." Financial actors generally expect the Fed to leave interest rates unchanged during their meeting scheduled for next week, within a range of 4.25% to 4.50%.

Trump also reaffirmed his stance on Powell, stating he would not attempt to remove him before the end of his second term, which concludes in May 2026.

In the broader scope, Trump’s economic policies were characterized by an aggressive trade war with China that resulted in a whopping 145% tariff on Chinese imports, alongside retaliatory tariffs and disruptions to global supply chains. The intensified tensions contributed to market volatility, including a significant stock market crash following the April 2025 "Liberation Day" tariff announcement.

According to economists, tariffs shifted costs to American consumers and businesses, while failing to correct trade deficit causes. Retaliatory measures and rising input prices posed a risk of stagflation, especially in conjunction with prolonged monetary tightening. The U.S.'s trade deficit grew by a staggering $119 billion from 2017 to 2019, reaching $621 billion despite tariffs.

Trump's corporate tax cuts aimed to spur investment but risked widening the fiscal deficit, as the tax cuts were not fully offset by spending reductions, increasing federal debt. Despite targeting trade deficits, the implemented tariffs faced retaliation and supply chain disruptions.

Trump, defending his economic policies, claimed credit for driving down prices, particularly due to the trade war he reinstated, while predicting the "biggest economic boom in history."
Despite maintaining an unemployment rate of 4.2% in April and an inflation rate of 2.3% in March, slightly above the Fed target, economic barometers have added to concern, with Fed officials predicting reduced economic growth, increased inflation, and higher unemployment levels.
In the realm of policy-and-legislation and politics, Trump's aggressive trade war with China resulted in a 145% tariff on Chinese imports, contributing to market volatility and a stock market crash following the April 2025 "Liberation Day" tariff announcement.
As tensions flare with Beijing, Trump's war-and-conflicts focus has led to a 145% tariff on Chinese products, effectively decimating trade relations, yet he hinted at potential tariff reduction.
General-news, crime-and-justice issues also came to light in the interview, as Trump renewed his call for Fed Chairman Jerome Powell to lower interest rates, adding to the complex interplay of economic, political, and monetary factors.