President Donald Trump on Wednesday blamed his predecessor, President Joe Biden, for the stock market’s weak performance, as the main U.S. indexes headed for losses after a report showed the economy has contracted.

Trump said in a social-media post that it’s “Biden’s Stock Market, not Trump’s,” adding that the U.S. must “get rid of the Biden ‘Overhang.'” He also wrote: “This will take a while, has NOTHING TO DO WITH TARIFFS.”

In fact, the biggest culprit in the negative reading for first-quarter GDP was a record surge in imports as U.S. businesses sought to bring in foreign goods ahead of Trump’s tariffs, as MarketWatch has reported.