The US economy shrinks by 0.3%, take the Tariff Trump tariffs -live updates

Natalie Sherman
New York Business Reporter

We have just received our first comprehensive reading about how the US economy developed at the beginning of the year.

According to the trade department, the US economy shrank in the first three months of the year with an annual council of 0.3%.

This was a sharp downturn after an annual pace of 2.4% in the previous quarter, although the fall was not as serious as some analysts had predicted.

The decline was raced by a decline in government spending and a more than 40% importing systems – which counts against growth – as a company to reach the tariffs.

The growth of consumer expenditure also slowed down from the end of last year with growth of 1.8% compared to 4% in the previous quarter.

The Treasury Secretary Scott Bessent asked itself yesterday to concentrate less on the feelings and more on the hard data while trying to evaluate how the economy is doing.

This report, which focuses on a period before the most far-reaching tariffs of US President Donald Trump, was probably not to pay the debate.