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Trump praises tariffs as US economy shrinks for first time since 2022
US President Donald Trump has shared his thoughts on the economy after GDP figures were announced this morning, which indicates the US economy shrank 0.3% in first three months of this year. Earlier, Trump held a Cabinet meeting with his leadership team, where he praised tariffs and businesses which he says are investing domestically
The Latest: US economy shrinks 0.3% in first quarter as Trump trade wars disrupt business
The U.S. economy shrank at a 0.3% annual pace from January through March, the first drop in three years. It was slowed by a surge in imports as companies in the United States tried to bring in foreign goods before President Donald Trump imposed massive tariffs.
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A surge in imports ahead of anticipated tariffs resulted in the first negative reading for US economic growth in three years.
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