US economy slows sharply, shrinking 0.3% in the first quarter, as tariffs weigh
The U.S. economy contracted in the first quarter as President Donald Trump's economic agenda took effect, according to new data released on Wednesday.
The Commerce Department's Bureau of Economic Analysis (BEA) released its advance estimate for first quarter gross domestic product (GDP), which found the U.S. economy contracted at an annual rate of 0.3% in the first quarter, which runs from January through March.
Economists surveyed by LSEG had expected the economy to grow at a 0.3% rate in the quarter. The first quarter's 0.3% growth was slower than the 2.4% GDP growth recorded in the fourth quarter.
This is a developing story. Please check back for updates.
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