Trump tells business chiefs he needs 'little bit of time' as US economy shrinks

The US president blames the first quarterly GDP decline in three years on his Democratic predecessor.

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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.

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.