The U.S. economy contracted in the first quarter as tariffs caused importers to surge shipments before higher levies took effect.
The Commerce Department’s Bureau of Economic Analysis (BEA) released its third estimate for first quarter gross domestic product (GDP), which found the U.S. economy contracted at an annual rate of 0.5% in the first quarter, which runs from January through March.
Economists surveyed by LSEG had expected the economy to contract at a 0.2% rate in the quarter.
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