(WHITE HOUSE) – President Donald Trump and his Cabinet touted the administration’s record on everything from immigration to the economy during a Wednesday meeting. In an extraordinary step, the entire gathering was open to reporters and television cameras.
The president also addressed concerning news about the economy. The U.S. economy shrank at a 0.3% annual pace from January through March, the first drop in three years. It was slowed by a surge in imports as companies in the United States tried to bring in foreign goods before Trump imposed massive tariffs. It is also worth noting that government spending contracted. Spending by the Federal government spending shrank at a 5.1 percent rate.
At the same time, private sector investment surged at the start of the year. Overall, investment rose 21.9 percent, driven by a 22.5 percent increase in equipment investment. Intellectual property investment rose at a 4.1 percent pace. Business investment, which excludes residential investment, grew 9.8 percent.
Trump is urging Americans to practice patience as he works to further implement his agenda and as Republicans on Capitol Hill move forward with a “big, beautiful” reconciliation package.
“This is Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers,” Trump posed on Truth Social Wednesday morning. “Our Country will boom, but we have to get rid of the Biden “Overhang.” This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!”
During a Cabinet meeting at the White House, the President pointed out a significant increase in domestic investment during the first quarter of 2025.
“This is the highest in four years and comes as businesses and consumers — bolstered by rising take-home pay — fuel an economic boom,” said a White House statement.
.@POTUS on the GDP: "We took over [Biden's] mess in so many different ways. Core GDP — removing distortions from imports, inventories and government spending — was up +3%… Gross Domestic Investment was a whopping 22%." pic.twitter.com/6Dgur1tDwv
— Rapid Response 47 (@RapidResponse47) April 30, 2025
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