April was supposed to be the month markets rebounded. Instead, GDP shrank, tariffs caused chaos, and the president is pointing fingers. Not at himself—at Biden.
Let’s break it down.
A Surprise Contraction and a Familiar Scapegoat
The U.S. economy just recorded its first GDP decline since 2022, falling 0.3%. Imports spiked 41% as businesses rushed to beat Trump’s new tariffs. Consumer spending tanked. Government spending dropped. Growth vanished.
And what does Trump do? Log onto Truth Social and declare, “This is Biden’s Stock Market.” It’s a classic move: claim credit in bull markets, dodge responsibility in downturns.
But the data won’t cooperate. This is Trump’s second term. And by the numbers, it’s the weakest first 100 days for any modern U.S. president’s stock market performance.
The Tariff Trap
Trump’s April 2 “reciprocal tariffs” announcement tanked markets—the S&P 500 plunged over 11% at its worst. Even a temporary pause on some tariffs and vague trade deal hints couldn’t undo the damage.
Businesses are reacting. Major firms like First Solar and GE HealthCare are cutting forecasts. Even Nvidia, one of the strongest names in tech, is feeling the pain thanks to weak results from Super Micro Computer.
This isn’t just a messaging problem. It’s a policy problem—and the market knows it.
Investors Are Watching, Not Wishing
What’s spooking markets isn’t the contraction alone. It’s the uncertainty. No one knows what tariffs will be announced next. Or what retaliatory moves trading partners might make. Or whether the White House even has a coherent strategy.
“This is very clearly brought on by the uncertainty surrounding the tariffs,” said advisor Kelly Bouchillon. And she’s right.
This isn’t just about Biden or Trump. It’s about how much chaos the market can absorb before sentiment breaks.
Final Thought: Own the Consequences
Leadership means owning the outcomes of your decisions. Not blaming your predecessor a year in.
The stock market isn’t just a political scoreboard. It reflects investor trust, economic confidence, and the cost of uncertainty. If Trump wants credit when markets rise, he’ll have to take responsibility when they don’t.
For now, the message is clear: the economy blinked—and Wall Street is watching what comes next.
