America’s economy performed slightly better in the first quarter than we thought — but it still shrank
CNN
The US economy shrank slightly less in the beginning of the year than previously reported, new data shows, but it was still the first quarterly decline since 2022, in a sign of how President Donald Trump’s chaotic and aggressive tariff regime is affecting American consumers and businesses.
The US economy shrank slightly less in the beginning of the year than previously reported, new data shows, but it was still the first quarterly decline since 2022, in a sign of how President Donald Trump’s chaotic and aggressive tariff regime is affecting American consumers and businesses. Gross domestic product, which captures all the goods and services produced in the economy, registered an annualized rate of -0.2% in the first quarter, according to the Commerce Department’s second estimate released Thursday. An initial estimate showed that GDP fell 0.3%. Trump’s tariffs have prompted American companies and consumers to pull forward purchases to get ahead of any sticker shock stemming from the duties, which has sent imports surging. But a federal court’s ruling Wednesday has thrown Trump’s entire trade policy into question. This story is developing and will be updated.
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