It’s not too late to save the U.S. economy

 https://www.washingtonpost.com/opinions/2025/05/05/trump-tariff-trade-china-economy/

President Donald Trump probably said it best last week as the stock market swooned when the government reported a surprising economic contraction in the first quarter: “This is Biden’s Stock Market.” By Friday, it had jumped back, recovering the ground it had lost after Trump pummeled the world with tariffs on “Liberation Day,” April 2. The S&P 500 is now down only 5.2 percent since Trump’s inauguration and 1.7 percent since Election Day last November.

This is largely because the economy is still pretty much President Joe Biden’s, driven by the same dynamics underlying the growth that came during the second half of his administration, as the Federal Reserve steered the economy toward a soft landing from a bout of high inflation in 2022. In April, Trump’s economic actions sent stocks, Treasurys and the dollar into a tailspin, but because he then suspended most of his tariffs for 90 days, the trouble died down. As a result, Trump’s effect on the economy has not actually shown up yet.