Washington - Saba:
The U.S. economy shrank in the first quarter of the year under the weight of a surge in imports by businesses seeking to avoid higher costs.
This highlights the negative repercussions of the tariff policies pursued by U.S. President Donald Trump.
In its preliminary estimates released Wednesday, the U.S. Commerce Department reported that gross domestic product (GDP) fell at an annualized rate of 0.3% in the first quarter of 2025.
Experts had previously projected GDP growth of 0.3% for the January-March period of 2025.
The U.S. economy shrank in the first quarter of the year under the weight of a surge in imports by businesses seeking to avoid higher costs.
This highlights the negative repercussions of the tariff policies pursued by U.S. President Donald Trump.
In its preliminary estimates released Wednesday, the U.S. Commerce Department reported that gross domestic product (GDP) fell at an annualized rate of 0.3% in the first quarter of 2025.
Experts had previously projected GDP growth of 0.3% for the January-March period of 2025.