President Donald Trump is trying to deflect blame as Wall Street fell on news that the U.S. economy shrank for the first time in three years, in Q1 2025. Trump claimed it was because of the Biden “Overhang” and had nothing to do with the panic over his tariffs.
During the 2024 campaign, the now-president would take credit for a booming stock market under his predecessor, Joe Biden, saying that it was because of expectations he would win the election. The Dow Jones Industrial Average and S&P 500 have had their worst performance in the first 100 days of an administration since 1973.
Answering a question from The Independent at Wednesday’s Cabinet meeting, the president even laid the groundwork to blame Biden for next quarter’s economic data.
Trump also suggested that in his trade war with China, American children may get fewer toys, which will also cost their parents more. Democrats are already pouncing on it as a new attack line.
The president marked his 100th day in office on Tuesday with a raucous rally in Michigan and a heated interview with ABC News journalist Terry Moran.
Report: Hegseth’s wife taking on unofficial role managing his image at Pentagon
The wife of Defense Secretary Pete Hegseth took on an active role in managing his public appearances and even crafting messaging issued by the Department of Defense itself, a new report claimed on Wednesday.
Jennifer Rauchet, the Washington Post reported, often acts as a go-between who transmits her husband’s plans to agency staffers. The former Fox News producer does not hold an official position at the Pentagon but has been identified as a constant presence at the agency over the past several months.
John Bowden reports from Washington, D.C.
Trump to join NewsNation town hall event
Donald Trump is due to join a town hall event hosted by NewsNation anchor Chris Cuomo.
The event, taking place at 8 p.m. ET, will also feature appearances from Bill O’Reilly, Stephen A. Smith among others.
Discussion will center on the first 100 days of Trump’s administration.
IN FOCUS: Trump’s ‘honeymoon’ is meeting real resistance. Can he survive the blowback?
Alex Woodward reports on how, after 100 days in office, President Donald Trump’s agenda is facing pushback legally, economically, and in the polls.
Hegseth should quit ‘for his own safety’s sake’, says John Bolton
“No, I think he should resign for his own safety’s sake, if nothing else,” he said.
Gustaf Kilander reports on what else Bolton had to say.
CNN, which blasted Fox after Hannity appeared on Trump rally stage, shrugs off Scott Jennings doing the same
CNN has brushed off criticism aimed at Scott Jennings after the political commentator spoke at Donald Trump’s rally Wednesday night – claiming it’s standard practice for its paid contributors to make political appearances.
Justin Baragona has the story.
BREAKING: Trump admin signs Ukraine minerals deal in key move for Russian peace
Axios and Bloomberg reported the deal was to be signed on Wednesday, citing senior Ukrainian officials.
John Bowden is following this developing story in Washington, D.C.
‘This is not Joe Biden’s economy, Donald. It is your economy’
Democratic House Leader Hakeem Jeffries responded to President Donald Trump’s Truth Social post this morning claiming that the current economic turbulence was somehow still the result of Joe Biden’s policies.
Said Rep. Jeffries: “This is not Joe Biden’s economy, Donald. It is your economy. It is the Trump economy. It is a failed economy, and the American people know it.”
Watch his remarks below:
Vance says Trump’s first 100 days were about bringing change ‘very quickly’
Vice President JD Vance says the administration’s first 100 days were about hustling to bring major change but that, going forward, the pace of change may slow down moving forward.
“The next 100 days are going to be a lot of things that don’t change as quickly,” Vance said in an interview with Fox News Digital.
He said, “The first 100 days, you can get a lot done with just the president’s signature on a piece of paper.”
The vice president also noted that, by contrast, “the next 100 days are going to be a lot of things where we need Congress, and, in some cases, some of our international partners, to step up to the plate.”
He singled out proposed tax cuts working their way through Congress and said the finished product could “juice the economy a little bit.”
Trump hits out at Fed Chair Powell… again
In his remarks to business leaders this afternoon, President Donald Trump once again criticized Federal Reserve Chair Jerome Powell for not lowering interest rates as he would like him to.
“Energy prices are down all over the country. Mortgage rates are actually down slightly, even though I have a guy in the Fed, not a huge fan off, but these are minor details, don’t tell them I said that please — as the camera rock and roll back there,” said Trump.
“I mean, he should reduce interest rates. I think I understand interest a lot better than him because I’ve had to really use interest rates. But we should have interest rates go down and it would be positive, but it’s not going to matter that much, because ultimately what we’re creating has much more to do with other things, and it does just pure interest rates, but it would be nice for people wanting to buy homes and things.”
The president appeared to be on a quest to oust Powell, who can only be removed for “cause,” but has since stepped back to following advice from his economic team, reports said.
Katie Hawkinson explains what happened:
More than Greenland: Inside the fight the U.S. faces to keep a tiny Pacific island out of China’s grasp
James Liddell writes:
A tiny island nation in the middle of the Pacific Ocean is the staging ground of a major geopolitical tussle.
Palau is made up of more than 340 coral and volcanic islands perched on the Kyushu-Palau Ridge, dotting Micronesia’s edge. It is geographically closer to China than any other Pacific Island nation and still formally recognizes Taiwan.
And now it is on the front line of a battle for influence, with China on one side and the U.S. on the other.
Read on…
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