The U.S. economy shrank 0.3% from January through March, 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.

At a cabinet meeting, President Donald Trump blamed shrinking economic growth in the first quarter of the year on Joe Biden.

President Donald Trump is acknowledging that his tariffs could result in fewer and costlier products in the United States

The gross domestic product reading fell short of the 0.4% growth that economists surveyed by The Wall Street Journal expected.

Real gross domestic product (GDP) grew -0.3% on a quarter-over-quarter, seasonally adjusted annual rate, according to the Bureau of Economic Analysis. Consensus economist forecasts pegged last quarter’s real GDP growth at 0.4%, according to Dow Jones data, a stark decrease from the prior period’s 2.4% expansion.