US President Donald Trump has called for patience in improving the economy, while proposing significant tax cuts aimed at encouraging domestic production.
He referenced the first-quarter GDP figures released that day. Core GDP had increased by three percent. “However, this is still Biden’s economy. We took office on January 20th, and we need time to make progress,” Trump said.
The President responded to a report from the Commerce Department, which showed that GDP had fallen at an annualised rate of 0.3% in the first quarter. This marked the first instance of negative growth since 2022, when Biden was President.
Corporate tax cut proposal and investment acknowledgement
Trump proposed a reduction in corporate tax rates, from 21% to 15% for companies that manufacture in the US.
“If you produce in the US – like those excellent chips – your tax rate could drop to just 15%,” he said.
He also promised to pass what he called “the largest tax cuts in American history” in the coming weeks. “We will do things for businesses like never before,” Trump added.
During the event, he thanked several business leaders for their US investments, including Hamdi Ulukaya, the Turkish-American CEO of Chobani. Ulukaya was one of the business figures invited to the White House.
Chobani has invested $1.7 billion in the US, including $1.2 billion towards a new facility in Rome, New York, and $500 million to expand its existing plant in Twin Falls, Idaho.
