Unexpected Decline in US Economy Fueled by Surge in Imports
Recent data reveals that the US economy saw an unexpected contraction in the first quarter of the year. This decline can largely be attributed to a significant increase in imports, as both businesses and consumers prepared for the rollout of President Donald Trump's extensive tariffs.
According to the US Commerce Department, the nation's gross domestic product (GDP) decreased at an annual rate of 0.3% in the first quarter, following a growth rate of 2.4% in the closing months of 2024. This news came as a shock, coming in…