Equities were dropping Wednesday after a report showed an economic contraction driven in large part by tariff front-running

Published: April 30, 2025 at 11:08 a.m. ET

President Donald Trump on Wednesday blamed his predecessor, former President Joe Biden, for the stock market’s weak performance, as the main U.S. indexes headed for losses after a report showed the economy has contracted.

Trump said in a social-media post that it’s “Biden’s Stock Market, not Trump’s,” adding that the U.S. must “get rid of the Biden ‘Overhang.’” He also wrote: “This will take a while, has NOTHING TO DO WITH TARIFFS.”

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