•Joe Biden and Trump
Donald Trump said in a Sunday interview that the “good parts” of today’s US economy flow from his policies while the bad can be blamed on his predecessor Joe Biden, who “did a terrible job.”
“Ultimately, I take responsibility for everything,” the US president said in an interview on NBC’s “Meet the Press” talk show.
“But I’ve only just been here for a little more than three months.”
At a time of mixed economic signals and mounting concerns over his aggressive use of tariffs, Trump said “certain aspects” of the economy are his doing.
“I was able to get down the costs,” he said.
“I think the good parts are the Trump economy and the bad parts are the Biden economy because he’s done a terrible job.”
While surveys point to growing public concern over the economy, most official indicators are not yet flashing red, with unemployment last month at a moderate 4.2 percent and inflation in March at 2.3 percent, just above the Federal Reserve’s target.
But Fed bankers and others have downgraded their predictions for the world’s leading economy, pointing to slowing growth and rising inflation and unemployment.
Asked whether a US recession is possible, Trump said, “Anything can happen.”
“This is a transition period,” he said, adding that ultimately “we’re going to do fantastically” with “the greatest economic boom in history.”
Concerning trade with China — badly shaken after Trump imposed tariffs of 145 percent — he said “we’ve essentially cut off trade relationships by putting that much of a tariff on.”
But, he added, “That’s okay… That means that we’re not losing.”
Trump said the Chinese “want to make a deal very badly,” and he anticipated eventually lowering the tariff rate.
The billionaire Republican has been a sharp and persistent critic of Fed chair Jerome Powell — whom Trump appointed in 2018, during his first term — telling NBC that “he should lower interest rates.”
Now is the “perfect time” to do so, he said.
Fed governors are expected, when they meet tomorrow and next, to extend a pause in rate cuts while they see just how tariffs affect the economy.
Most analysts expect the Fed to leave rates in the 4.25 to 4.50 percent range where they have been since December.
Even last month, Trump floated the possibility of firing the Fed chair from a position meant to be largely insulated from politics.
But he told NBC that he now expects to wait until Powell’s term ends in May 2026 to name a successor.
