US economy hit by import surge, shrinks in Trump’s first 100 days

News Snapshot:

The US economy contracted in the first quarter of 2025, shrinking at a 0.3 per cent annualised rate as businesses rushed to import goods ahead of rising costs driven by tariffs, according to government data released Wednesday. The Commerce Department’s Bureau of Economic Analysis said in its advance estimate that gross domestic product (GDP) fell for the first time since the pandemic rebound, following 2.4 per cent growth in the fourth quarter. The figure sharply missed economists’ expectations of a 0.3 per cent increase, as projected in a Reuters poll. The downgrade came after Tuesday’s data revealed a record goods...