Source: Financial Times [UK]
“The US economy shrank by an annualised 0.2 per cent during the first quarter of 2025, according to revised official statistics that confirmed its first contraction since 2022. The fall in GDP compared with a 2.4 per cent expansion in the final quarter of 2024 and was largely caused by a surge in stockpiling activity as companies rushed to buy goods before President Donald Trump announced sweeping tariffs. … Trump’s trade war has been expected to be a drag on the US economy during the second half of the year. The IMF in April slashed its outlook for US GDP growth this year to 1.8 per cent, from 2.7 per cent in January.” (05/29/25)