WASHINGTON — Donald Trump on Wednesday wrapped up Day 101 of his second term by declaring the economy in “good shape,” but congressional Democrats have warned the president’s policies are causing “negative” ripple waves that could sink the economy.

“We finally have a president who wants to put our country first,” Trump said at a White House event with business leaders. “The private sector really starting heating up after the election. ... Every new investment, every new factory and every new job created is a sign of strength in the American economy and a declaration of confidence in America’s future.

“The entire Trump economic agenda is about making it easier to do business in America, to create jobs in America, to hire American workers, and to build your factories here in America — not in China or any other country. And we’re dealing with many, many countries right now,” he added in his late-afternoon remarks. “So expensing one year, you take a (tax) deduction one year so you can build your factories right now, essentially almost tax free. If you think about it, nobody’s ever been given that.”

Speaking from the ornate Cross Hall in the White House, Trump ticked off a list of promises made by corporations to invest in the U.S. as part of his push to remake the American economy into a manufacturing giant. But building new factories would take years, and one analyst doubts most Americans want to take on such difficult work.

“Trump is operating under the assumption that he can fundamentally reshape American politics, society, and the economy without triggering significant protest or jeopardizing his political base,” Darrell West, a Brookings Institution senior fellow, said in an opinion piece. “My sense is that the American public is likely to reject a sweeping policy revolution or a wholesale remaking of the nation’s society and economy.”

Before Trump spoke, the Commerce Department’s Bureau of Economic Analysis released data that showed gross domestic product, reflecting the sum of goods and services produced from January through March, declined at an 0.3 percent annualized rate during the first quarter, fueled by a surge in imports in anticipation of his tariffs.

It was the first quarter featuring negative GDP growth since the first quarter of 2022. And it followed the fourth quarter of 2024, which showed GDP growth of 2.4 percent, according to the bureau.

‘Undue burdens’

Even before the negative economic growth data was released, congressional Democrats continued to hammer Trump over his global import duties and other economic policies.

“We all need policies that make sense, not a whipsaw on-again-off-again tariff game that this current administration is playing. It’s reckless. The impact will be massive,” freshman Rep. John W. Mannion of New York said Tuesday. “There will be waves of negative impact on multiple sectors of our economy, and that means it’s going to hurt hard-working Americans. It’s going to hurt small businesses.”

Mannion is a member of the House Agriculture Committee, and even some GOP lawmakers have openly expressed concerns that the president’ tariffs have already hit the U.S. farming and agribusiness sectors.

“We must restore our standing as a reliable trade partner, not just with Canada, but with our other allies and trade partners around the world,” Mannion said.

Such criticisms and the latest GDP numbers appeared to get Trump’s attention Wednesday morning. He fired off a social media post that continued a trend of his first 101 days back in office: blaming his predecessor, Joe Biden.

“This is Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers,” the president wrote on his Truth Social platform. “Our Country will boom, but we have to get rid of the Biden ‘Overhang.’ This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!”

Trump continued pointing the finger at Biden during a Cabinet meeting a few hours later at the White House. When asked about the lower value of stock markets since Trump took office, the president and his aides have responded that their policies will bring even more value down the road, without offering any specifics. The S&P 500 is down 7% since Inauguration Day, the worst start for a new president since 1974.

Asked Wednesday morning to expound on the president’s social media post, White House chief trade and manufacturing adviser Peter Navarro told reporters that the Trump administration had inherited a “poison Biden tree” composed of legislation that he contended spent too much, as well as high gasoline and oil prices.

Those Biden-era spending measures “have drawn our debt far over a fiscal cliff, and we’re trying to bring that back with the tax bill and the reorientation of spending to make curves,” Navarro said. “So we’re stuck with that. But if you look at the Biden inflation problem, it certainly hasn’t been fully cured. But we’ve made very strong headway.”

The U.S. inflation rate was 3% in January, when Trump was sworn in at the Capitol, according to data compiled by CoinNews’ U.S. Inflation Calculator. The inflation rate dropped to 2.8% in February, then to 2.4% in March, according to the calculator. The next inflation report is due out on May 13.

On the administration’s 101st day in office, Navarro also contended that it had “cut gasoline prices down significantly.” According to AAA, the national average price Wednesday of regular unleaded gasoline was $3.18 a gallon and the price of diesel was $3.56 a gallon. A year ago, those prices stood at $3.66 and $2.95 respectively, according to AAA.

Navarro also touted the current price of oil by the barrel, which has been hovering around $60 in recent days. “For the American household, (that] is like $1,000 a year in spending power,” he said. “And so [Biden) didn’t leave us with a very good hand right now — we see things improving.”

‘Trump 2028, anybody?’

Yet, Trump’s approval rating in the most recent polls are underwater, and survey respondents have echoed Democratic concerns about his tariffs program and overall economic stewardship.

“Inflation is on the rise, life is getting more expensive and the reckless economic policies of Donald Trump and House Republicans are driving us toward a recession,” House Minority Leader Hakeem Jeffries, D-N.Y., said Wednesday in a speech about Trump’s first 100 days.

An April 25-28 Economist/YouGov survey showed 42% of Americans approved of Trump’s job performance, with 52% disapproving.

That same poll asked respondents if they approved or disapproved of the way Trump has handled jobs and the economy. Fifty-one percent disapproved, while 41% approved. And among the key demographic of self-identified independent voters — a bloc that pushed Trump to victory in November — he was well underwater: 32% approved and 55% disapproved.

New York Sen. Kirsten Gillibrand, who leads Senate Democrats’ campaign arm for the 2026 cycle, contended in a Tuesday fundraising email that the president’s first 100 days back in office showed “we literally can’t afford Donald Trump.”

“Trump talked a big game on the campaign trail about lowering inflation and everyday costs,” the Democratic Senatorial Campaign Committee chair said. “It was a bold-faced lie. … Trump’s approval rating on the economy has dropped to the lowest levels of his presidential career. Working-class Americans will keep getting the short end of the stick, while Trump’s billionaire buddies like Elon Musk get even more enormous tax breaks.”

But at a sometimes raucous Tuesday rally in Macomb County, Mich. — the first of his second term – and again during his White House remarks Wednesday, Trump struck a triumphant tone.

“We’ve already ended inflation, raised wages, and given you the greatest economy in the history of the world — that’s already happening,” Trump claimed in Michigan, speaking in front of a banner that read “The Golden Age.”

Trump’s upbeat description of the economy — which defies recent data — as well as his high long-term expectations and still-solid support from his conservative base are why he and his closest aides have continued to float the possibility of him seeking a third term. Trump told NBC News recently that his team has examined options outside of amending the Constitution to allow for another bid.

Asked by Trump to join him onstage Tuesday in Macomb County, longtime aide Margo Martin basked in the crowd’s applause, declaring: “Trump 2028, anybody?”

Trump grinned, giving her an approving hug and declaring: “People love Margo.”

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