US Economy Shrank in First Quarter, in Reading Clouded by Messy Trade Data

Underlying economic growth remained solid in early 2025, but tariffs and uncertainty are expected to cause a further slowdown.

The chaotic start to President Trump’s second term roiled the economy at the beginning of the year, as consumers and businesses scrambled to react to a constant stream of tariff announcements and policy shifts.

The policies, and the uncertainty they created, were enough to push economic growth into reverse in the first quarter. U.S. gross domestic product, adjusted for inflation, declined at an 0.3 percent annual rate in the first three months of the year, the Commerce Department said Wednesday, a stunning reversal from the strong growth at the end of last year...

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