For the first time, President Donald Trump is acknowledging his tariffs on China could cause shortages of consumer goods and higher prices. It comes as the U.S. economy shrank in the first three months of this year, according to Commerce Department data. Economists say it’s largely due to uncertainty surrounding tariffs, but Trump blames former President Joe Biden for the decline. “That’s Biden. That’s not Trump,” Trump says. NBC’s Peter Alexander reports for TODAY.