Trump admin live updates: Trump blames Biden for economic woes

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President Trump Distances Himself from Stock Market Amid GDP Decrease

Following the latest GDP report showing a 0.3% decrease in the first quarter, President Donald Trump is making efforts to distance himself from the stock market. He claimed that the current stock market performance is attributed to President Biden and urged Americans to be patient.

President Donald Trump returns to the White House in Washington, April 29, 2025 after a rally to mark his 100th day in office in Michigan. – Yuri Gripas/Pool/EPA-EFE/Shutterstock

Trump emphasized that he only took office on January 20th and mentioned that tariffs would soon take effect. He also highlighted that companies are increasingly moving operations to the USA in record numbers, a move that he believes will positively impact the economy.

When President Joe Biden left office in January, the S&P 500 had surged over 55% since his inauguration on January 20, 2021, amidst the COVID-19 pandemic.

Traders work on the floor at the New York Stock Exchange in New York City, April 30, 2025. – Brendan McDermid/Reuters

Sam Stovall, the Chief Investment Strategist for CFRA Research, highlighted on X that the S&P 500 had declined by 7.9% from January 20 to April 25, marking the second-worst performance since 1945 during the first 100 days of Trump’s second term.

As the economy continues to face challenges and fluctuations, it remains to be seen how the stock market will evolve under the current administration. Stay tuned for more updates on the economic landscape.

-ABC News’ Michelle Stoddart, Justin Gomez, and Molly Nagle