Trump Urges Patience to Fix ‘Biden’s Economy,’ Pledges Massive Tax Cuts

By Staff, Agencies

President Donald Trump said Wednesday that his administration needs time to address what he called the economic challenges inherited from President Biden, citing disappointing GDP figures for the first quarter.

“This is still Biden’s economy,” Trump said at a White House event focused on “Investing in America.” “You have to give us a little bit of time to get moving.”

His comments followed a Commerce Department report showing a 0.3% annualized decline in GDP — the first quarterly contraction since 2022. While core GDP rose 3%, Trump argued the current state of the economy is still shaped by his predecessor’s policies.

To stimulate growth, Trump announced a proposal to reduce corporate taxes from 21% to 15% for companies that manufacture within the US, particularly those involved in semiconductor production. “If you make it in the USA — those chips, those beautiful chips — you’re going to be all the way down to 15%,” he said.

Trump promised to introduce what he described as the “largest tax cuts in American history” in the coming weeks, aiming to boost domestic manufacturing and investment.

He also acknowledged key investors contributing to US growth, including Chobani CEO Hamdi Ulukaya. The Turkish-American businessman’s company has invested $1.7 billion in the US, including major projects in New York and Idaho.