Hi, everyone. It's 4 o'clock here in New York. I'm Ali Valshi in for Nicole Wallace.

A lesson today in reaping what you sow for Donald Trump and his administration as the consequences of the trade war that Trump started became a little clearer today.

We got news this morning that the

economy shrank in the first quarter for the first time in three years and that the decline in

GDP was driven largely by surging imports from businesses trying to get ahead of Trump's tariffs.

It's worth noting the first quarter of 2025 ended on March 31st. That's before Trump's much vaunted Liberation Day announcement.

There are plenty of signs of economic pain ahead. NBC news reports that, quote,

shipments to the West Coast ports are plunging while price increases are expected to begin

eating into sales data and incomes as heightened uncertainty freezes investment.

Now, as for Donald Trump, the bad economic news has left him scrambling.

Quote, this is Biden's stock market, not Trump's.

I didn't take over until January 20th, Trump says, on Truth Social, adding that this was

just the Biden overhang.

Again, that's probably not true. It was Trump's anticipated

tariffs that led to a surge in imports that cut in economic growth. And Trump has been claiming

credit for the stock market since at least early 2024. In fact, here's what he said on January

29th of 2024, quote, this is the Trump stock market because my polls against Biden are so good

that investors are projecting that I will win. In an interview with ABC News last night, Trump claimed

that the chaos he's caused with the economy is, in fact, what voters wanted. People are worried, even some people who voted for you, saying,

I didn't sign up for this.

So how do you answer those concerns?

Well, they did sign up for it, actually, and this is what I campaigned on.

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