US economy slows dramatically in first quarter amid Trump’s sweeping tariffs

Drop comes amid a huge fall in consumer sentiment which in April dropped 32% to lowest level since 1990 recessionGrowth slowed dramatically in the US over the last quarter as Donald Trump sought to roll out an aggressive trade strategy, claiming that sweeping tariffs on the world would strengthen the American economy.Gross domestic product (GDP), a key measure of overall growth in the US economy, fell by 0.3% in the first quarter of the year, down from 2.4% in the last quarter of 2024. The contraction – the first since the start of 2022 – puts the US on the brink of a technical recession, defined by two quarters of negative growth. Continue reading...

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