Since Donald Trump returned to the White House, he’s vowed to ‘make America rich again’.
And with Elon Musk in tow, the government has been slashing federal budgets left, right, and center.
Yet Trump has managed to reign havoc on the stock market, causing $2 trillion to be lost in just 25 seconds earlier this month.
On Wednesday (April 30), the Commerce Department revealed the US economy shrunk by 0.3 percent between January and March, ending a three-year growth streak.
It pushes the country to the brink of a technical recession, defined by two quarters of negative growth. The last recession was a two-month period during 2020’s Coronavirus pandemic.
But Trump’s ruthless tariff war has been worrying economists – while the President claims these very tariffs will see soon the US markets ‘boom.’
China, one of the hardest-hit nations, faced a dramatic escalation as tariffs soared to 245 percent before Trump temporarily paused duty for all countries for 90 days.
In response, China, home of the world’s largest manufacturing sector, has retaliated in kind.
Meanwhile, Canada, is navigating a 25 percent tariff on all exports to the US, leaving newly appointed Prime Minister Mark Carney with the urgent task of redefining trade relations.
As expected, Trump took to social media to address the struggling economy, shifting the blame to Biden.
