Growth weighed down by surge of imports as US companies and households rushed to buy foreign goods before Trump could impose tariffs on them
The US economy shrank at a 0.5 per cent annual pace from January to March as US President Donald Trump’s trade wars disrupted business, the Commerce Department reported on Thursday in an unexpected deterioration of earlier estimates.
The Commerce Department previously estimated that the economy fell 0.2 per cent in the first quarter. Economists had forecast no change in the department’s third and final estimate.
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