Less than 24 hours after US President Donald Trump touted his first 100 days in office as the most successful of any administration in the history of the country, new data from the Commerce Department shows the U.S. economy shrunk by an annual rate of 0.3% in the first three months of this year.
That follows growth in the last quarter of 2024 at an annualized rate of 2.4%, providing a snapshot of how quickly the tide has turned in the world’s largest economy.
Growth was dragged down by a surge in U.S. imports as businesses sought to avoid higher costs as a result of sweeping tariffs imposed by Trump that ignited a debilitating trade war with China.
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