US economy contracts 0.3% in Q1 2025; Trump blames it on Biden 'overhang’
The US economy unexpectedly contracted by 0.3% in the first quarter of 2025, falling short of expectations. This downturn is attributed to a surge in imports ahead of President Trump's new tariffs and a deceleration in consumer and government spending. While Trump blames Biden, his advisor cites pre-tariff import activities as the cause.
The US economy unexpectedly contracted by 0.3% in the first quarter of 2025, falling short of expectations. This downturn is attributed to a surge in imports ahead of President Trump's new tariffs and a deceleration in consumer and government spending. While Trump blames Biden, his advisor cites pre-tariff import activities as the cause.
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