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Investing.com -- President Donald Trump recently shared his thoughts on the ongoing weakness in the stock market via social media platform, Truth Social. He attributed the current market performance to the policies of President Biden, stating, "This is Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th."

Trump also mentioned that tariffs will soon start affecting the market, and companies are beginning to relocate to the U.S. in large numbers. He predicted a future economic boom, but emphasized the need to overcome the "Biden Overhang." He clarified that the current situation has nothing to do with tariffs, but with the unfavorable economic conditions left by Biden. Trump urged patience, asserting that the impending boom will be unparalleled.

The major averages have fallen since Trump assumed office, although they have recovered somewhat from the lows experienced when tariffs introduced uncertainty into the stock market.

U.S. stock index futures indicated a downward trend on Wednesday following the release of data showing contraction in the U.S. economy during the first quarter. This has heightened concerns about the potential impact of Trump’s tariff policies.

According to the Bureau of Economic Analysis under the Commerce Department, the Gross Domestic Product (GDP) shrank at an annualized rate of 0.3% in the first quarter. This contraction was largely due to a surge in imports as businesses attempted to steer clear of increased costs before new tariffs came into effect.

The ADP (NASDAQ:ADP) National Employment Report, which precedes Friday’s nonfarm payrolls, showed a smaller-than-expected increase in private payrolls this month.

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