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| Trump tells business chiefs he needs 'little bit of time' as US economy shrinks | Trump tells business chiefs he needs 'little bit of time' as US economy shrinks |
| (31 minutes later) | |
| Watch: Donald Trump on the US economy: ‘Give us a little bit of time’ | Watch: Donald Trump on the US economy: ‘Give us a little bit of time’ |
| President Donald Trump has asked for more time on the US economy as it contracted for the first time in three years, stoking recession fears. | President 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 said the figure was misleading because companies had stockpiled imports ahead of his imposition of tariffs. | He said the figure was misleading because companies had stockpiled imports ahead of his imposition of tariffs. |
| Trump, however, said $8tn (£6tn) of inward investment had been promised, which he argued would restore American manufacturing prowess. | Trump, however, said $8tn (£6tn) of inward investment had been promised, which he argued would restore American manufacturing prowess. |
| 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. | |
| Speaking on Wednesday afternoon at a White House event attended by business leaders, Trump blamed his Democratic predecessor, President Joe Biden, for the disappointing gross domestic product data. | |
| "This is Biden's economy because we took over on January 20th," Trump said. "I think you have to give us a little bit of time to get moving." | "This is Biden's economy because we took over on January 20th," Trump said. "I think you have to give us a little bit of time to get moving." |
| It comes in the aftermath of the Republican president's import taxes, which have disrupted global trade and markets. | |
| Trump's finger pointing at Biden drew scorn from Democrats. | Trump's finger pointing at Biden drew scorn from Democrats. |
| Congressman Hakeem Jeffries, minority leader of the US House of Representatives, said: "This is not Joe Biden's economy, Donald, it is your economy. | Congressman Hakeem Jeffries, minority leader of the US House of Representatives, said: "This is not Joe Biden's economy, Donald, it is your economy. |
| "It is the Trump economy, it is a failed economy and the American people know it." | "It is the Trump economy, it is a failed economy and the American people know it." |
| 'We don't care': A defiant China looks beyond Trump's America | 'We don't care': A defiant China looks beyond Trump's America |
| Why the IMF is worried about the economy - three things to know | Why the IMF is worried about the economy - three things to know |
| At Wednesday's White House event, Trump touted planned investments in technology, healthcare and infrastructure. | |
| He introduced CEOs of major companies, including Hyundai's Jose Munoz, Toyota's Ted Ogawa, and Johnson & Johnson's Joaquin Duato. | He introduced CEOs of major companies, including Hyundai's Jose Munoz, Toyota's Ted Ogawa, and Johnson & Johnson's Joaquin Duato. |
| Trump also urged Congress to pass his tax bill, which includes trillions of dollars in tax and spending cuts, but faces opposition from Democrats and some Republicans. | |
| At a television appearance earlier in the day with cabinet members, Trump played down fears of shortages of items such as toys, as trade between the US and China falls sharply. | At a television appearance earlier in the day with cabinet members, Trump played down fears of shortages of items such as toys, as trade between the US and China falls sharply. |
| "Well, maybe the children will have to have two dolls instead of 30 dolls, you know?" he said. "And maybe the two dolls will cost a couple of bucks more than they would normally." | "Well, maybe the children will have to have two dolls instead of 30 dolls, you know?" he said. "And maybe the two dolls will cost a couple of bucks more than they would normally." |
| Trump has enacted 10% levies on almost all countries importing to the US, after announcing a 90-day pause on higher tariffs. The amount paid by these countries could change after the period expires in July. | Trump has enacted 10% levies on almost all countries importing to the US, after announcing a 90-day pause on higher tariffs. The amount paid by these countries could change after the period expires in July. |
| Another 25% tariff has been imposed on Mexico and Canada. The levies on China, however, have led to an all-out trade war with the world's second largest economy. | Another 25% tariff has been imposed on Mexico and Canada. The levies on China, however, have led to an all-out trade war with the world's second largest economy. |
| Trump imposed import taxes of up to 145% on Chinese goods coming into the US and China hit back with a 125% tax on American products. | Trump imposed import taxes of up to 145% on Chinese goods coming into the US and China hit back with a 125% tax on American products. |
| His administration said when the new tariffs were added on to existing ones, the levies on some Chinese goods could reach 245%. | His administration said when the new tariffs were added on to existing ones, the levies on some Chinese goods could reach 245%. |