'Be patient,' says Trump as US economy shrinks 0.3% in Q1

from Daily Sabah

The U.S. economy shrank in the first quarter, the first drop in three years, official data showed on Wednesday, weighed down by a deluge of goods imported by businesses eager to avoid higher costs, underscoring the disruptive nature of President Donald Trump's often chaotic tariff policy.

Gross domestic product (GDP) contracted at a 0.3% annualized rate from January through March, the Commerce Department's Bureau of Economic Analysis said in its advance estimate.

Minutes after the release of the data, Trump said Americans should be patient, arguing that his tariffs would eventually lead to a boom in the U.S. economy.

The January-March drop in gross domestic product – the nation's output of goods and services – reversed a 2.4% gain in the last three months of 2024...

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