The U.S. economy shrank by 0.5% in the first quarter of 2025, between January and March, as two earlier estimates were revised downward by the Commerce Department’s Bureau of Economic Analysis.
Looming fears about the extent of President Donald Trump’s trade war on American trading partners — announced on the so-called “Liberation Day” of April 2 — saw a surge of imports as U.S. companies and households rushed to buy foreign goods before Trump could impose tariffs on them.
