Trump Urges Patience, Vows to Fix ‘Biden’s Economy’ with Major Tax Cuts

President Donald Trump on Wednesday called for patience as his administration begins efforts to steer the U.S. economy, which he described as inherited from the Biden era.

Speaking at a White House event titled “Investing in America,” Trump addressed concerns following a Commerce Department report showing the economy contracted by 0.3% in the first quarter — marking the first decline since 2022.

“In the first-quarter GDP numbers, core GDP was up 3%, but this is still Biden’s economy,” Trump said. “We took over on January 20, and I think you have to give us a little bit of time to get moving.”

The president announced plans for sweeping corporate tax reforms, proposing a reduction in the rate from 21% to 15% for U.S.-based manufacturers. “If you make it in the USA — those chips, those beautiful chips — you’re going to be all the way down to 15%,” he stated.

Trump also promised to introduce what he described as the “largest tax cuts in American history” in the coming weeks, aimed at revitalizing business growth.

During the event, he recognized key investors in the U.S., including Chobani CEO Hamdi Ulukaya, noting the company’s $1.7 billion investment, which includes $1.2 billion for a new facility in Rome, New York, and $500 million to expand its Twin Falls, Idaho plant.