Shaheen Statement on Sharp GDP Decline, Higher Costs in First Quarter of Trump Presidency

(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) released the following statement on the 2025 Q1 GDP estimate showing that the U.S. economy shrank during the first quarter of President Trump’s administration: 

“100 days ago, America’s economy was growing and inflation was slowing. 

“Instead of sustaining this economic trajectory, President Trump has driven our economy into a ditch with a self-inflicted trade war. This trade war targets our allies and close partners and is implementing the biggest tax increase in decades on working families — even as Elon Musk and DOGE illegally slash and hold up key investments in research, health care, agriculture and more. 

“Americans elected Donald Trump in part because he vowed to lower the price of ‘everything’ – yet in the first quarter of Trump’s presidency, our GDP shrank, prices jumped and business leaders and economists across the political spectrum are saying a recession is likely this year. 

“It’s time for the President to immediately reverse course, stop the wasteful trade war that is crushing small businesses and American families and lower costs like he said he would. Today, the Senate has a chance to do the right thing and vote to halt the largest of these tariffs – I hope my colleagues take that opportunity to help get our economy back on a better track.” 

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