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Report
U.S. economy has worst quarter since 2022
The Street
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5/1/2025
GDP had a negative growth of 0.3%.
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Sports
Transcript
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00:00
After a strong final quarter of 2024 that saw gross domestic product rise by 2.4%, the
00:05
US economy shrank during President Trump's first quarter back in office.
00:09
According to the latest report by the Commerce Department, GDP fell 0.3% from January to
00:14
March.
00:15
This marks the country's first quarter of negative growth since Q1 of 2022.
00:19
The biggest culprit comes as no surprise, with tariffs at the top of the list of reasons
00:23
for economic contraction.
00:24
Despite the tariffs not being officially implemented until after Q1 ended, many businesses tried
00:29
getting ahead of the new import taxes by front-loading their orders.
00:32
However, according to Trump, his predecessor Joe Biden is to blame for the Q1 numbers.
00:37
Trump wrote on Truth Social,
00:38
Now, as the trade war continues, many economists are sounding the alarm on a potential recession.
00:51
The US is considered to be in a recession after two consecutive quarters of negative growth.
00:56
Considering we're already halfway there, many now expect a recession to hit by the
00:59
second half of the year.
01:01
That'll do it for your daily briefing.
01:02
From New York City, I'm Kelsey Barbario with The Street.
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