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US Economic Growth In Q1: The January-March expansion was the slowest in almost three years and was down from 2.4% in the last three months of 2024.
US President Donald Trump inherited a solid economy that had grown steadily despite high interest rates imposed by the Federal Reserve to fight inflation. (Image/File)
The US economy shrank 0.3% from January through March, first drop in three years. It was slowed by a surge in imports as companies in the United States tried to bring in foreign goods before President Donald Trump imposed massive tariffs.
The January-March expansion was the slowest in almost three years and was down from 2.4% in the last three months of 2024. Imports shaved 5 percentage points off first-quarter growth. Consumer spending also slowed sharply.
Trump inherited a solid economy that had grown steadily despite high interest rates imposed by the Federal Reserve to fight inflation. His erratic trade policies — including 145% tariffs on China — have paralyzed businesses and threatened to raise prices and hurt consumers.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Associated Press)
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