In response to new reports on the economy shrinking under Trump, DNC Chair Ken Martin released the following statement:

“Donald Trump has spent his career bankrupting business after business, and now he is dragging our country towards a recession and shrinking the economy for the first time in years. While Trump weakens America on the world stage, working families are left with the bill — prices are skyrocketing, retirement funds are tanking, and Americans are bracing for a serious ‘Trump recession.’ Trump spent his campaign lying about promises of an economic ‘golden age,’ but the American people know a phony deal when they see one. It’s no surprise Americans have turned on Trump and his failing agenda.” 

NEW: Trump’s unaffordable agenda is shrinking the economy. 

Axios: “U.S. economy shrinks at 0.3% rate in first Trump-era GDP report”  

“It’s the first contraction in three years, a sign that the economy was softening before the highest tariffs took effect. … 

“The headline figure is a dramatic turnaround from the 2.4% growth rate in the final months of 2024.

“It is the weakest GDP print since the same period in 2022, when the economy contracted at a 1% annualized rate, similarly weighed down by volatile categories like trade and inventories.” 

Bloomberg: “[Q1 GDP was] well below average growth of about 3% in the prior two years”  

Wall Street Journal: “The reading fell short of the 0.4% growth that economists surveyed by The Wall Street Journal expected.

“[B]usinesses and individuals are saying they are worried about the economy, due to uncertainty around tariffs and worries they will bring higher prices.” 

While Trump shrinks the US economy, other countries are booming and leaving America in the dust. 

Reuters: “Data on Wednesday showed China’s gross domestic product (GDP) grew 5.4% in the January-March quarter from a year earlier, unchanged from the fourth quarter, but beat analysts’ expectations in a Reuters poll for a rise of 5.1%.”  

Toronto Star: “[The Canadian economy’s] annualized growth rate for the first quarter based on the March flash estimate is 1.5 per cent.” 

EuroNews: “The eurozone economy grew 0.4% in Q1 2025, doubling the previous quarter’s pace and beating forecasts. Ireland led growth, followed by Spain, while Germany rebounded.”   

REMINDER: Economists and business leaders are sounding the alarm on a looming “Trump recession.” 

Wall Street Journal: “The S&P 500’s performance since Inauguration Day [through Trump’s first three months] is now the worst for any president up to this point in data going back to 1928, according to Bespoke Investment Group.”

The Telegraph: “Economists are starting to worry about a serious Trump recession”

Wall Street Journal: “U.S. Faces Recession This Year, IIF Says”

Redfin News: “Nearly one in four U.S. residents are canceling plans to make a major purchase, such as buying a home or car, because of President Trump’s tariff policies, according to a Redfin survey.”

Americans are fed up with Trump and overwhelmingly rejecting his failed economic agenda. 

• 3 in 4 Americans believe the economy is faltering and are preparing for a recession, with a majority believing Trump is to blame.
• Just 37% of Americans approve of Trump’s handling of the economy
• 60% of Americans disapprove of Trump’s handling of inflation, with 1 in 3 Republicans saying the cost of living is on the wrong track.
• A majority of Americans have lost confidence in Trump’s ability to make sound economic policy decisions.  
• 52% say Trump is making it more expensive for them to retire.

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