The News
Republicans were quick to spin a drop in gross domestic product as short-term pain for long-term gain.
The US economy shrank 0.3% between January and March, the Commerce Department said Wednesday, its first contraction in three years. One big driver: firms rushing to stockpile imports before President Donald Trump’s sweeping new tariffs took effect.
“It’s a short-term aberration,” Rep. Mike Haridopolos, R-Fla., said. “The president has fundamentally made changes so that we’re not so reliant on so many foreign countries that might disrupt supply chains in the future.”
He added: “Once we get the tax bill done … you’ll see the markets moving forward.”
President Donald Trump was similarly dismissive, pointing the finger at predecessor Joe Biden before insisting China will suffer more.
“Somebody said, ‘Oh, the shelves are going to be open,’” Trump said. “Well, maybe the children will have two dolls instead of 30.”