- Trump blamed Biden for the stock market slump despite being over 100 days into his second term.
- His surprise tariffs triggered a market drop, leading to public frustration and shifting rhetoric.
- Polls show most voters now blame Trump’s policies for the economy’s decline, not Biden’s.
President Donald Trump is catching heat after the stock market logged its worst 100-day start to a presidency since Nixon. But if you ask him, it’s got nothing to do with his own policies — it’s all Joe Biden’s fault.
“This is Biden’s Stock Market, not Trump’s,” he posted on Truth Social, trying to calm nerves after the Commerce Department dropped a rough stat: the U.S. economy shrank 0.3% in Q1 2025 — the first contraction in three years.
“Tariffs will soon start kicking in,” Trump continued, claiming companies are rushing into the U.S. and a “boom” is coming. “BE PATIENT!!!” he added.
“We Inherited a Mess,” Trump Says — Again
Later that day, in a Cabinet meeting, Trump doubled down. Despite being over 100 days into his term, he insisted the economic slump was just Biden leftovers. “This is Biden,” he said. “You could even say the next quarter is still Biden.”
Pressed by reporters, Trump added, “I’m not taking credit or discredit. We came in on Jan. 20, and we inherited a mess. It’s a big ship to turn around.”
Which, for the record, is quite the pivot from his earlier takes. After his 2024 win, he called rising stocks the “Trump effect.” Back then, he couldn’t stop bragging about how Wall Street was cheering his return.
Tariffs Trigger Market Panic
But things shifted fast after his surprise “Liberation Day” speech on April 2, when he announced a wave of tariffs that caught investors completely off guard. The market dipped hard — and stayed shaky even after he paused those tariffs for 90 days.
In interviews since, Trump’s walked back some of his earlier promises, now referring to it as a “transition period.” He told ABC, “We warned people this wouldn’t be easy,” despite having pitched Day 1 prosperity during the campaign.
Polls Show Voters Point the Finger at Trump
Despite his attempts to deflect, recent polling suggests most Americans aren’t buying it. A CNBC survey found 54% of adults believe Trump’s policies are having — or will have — a negative impact.
An NPR/PBS poll showed 60% of voters think Trump is responsible for current economic conditions. And in a New York Times/Siena College poll, voters split blame between Trump and Biden, suggesting doubts about the new administration’s direction are starting to rise.
Biden Allies Hit Back
Former Biden aide Andrew Bates came out swinging: “Joe Biden publicly warned Trump against raising prices with tariffs,” he said, calling them the biggest middle-class tax hike in modern history. He added, “Trump is the only president to crash a growing economy in just 100 days — and the only one to bankrupt a casino.”
