Milan, 30 Apr (LaPresse/AP) – The US economy contracted 0.3% in the first quarter of 2025, the first decline in GDP in three years. Growth was held back by a surge in imports as US companies attempted to import foreign goods before President Donald Trump imposed massive tariffs. The expansion between January and March was the slowest in three years, down from 2.4 per cent in the final three months of 2024. Imports shaved 5 percentage points off the first quarter's growth. Consumer spending also slowed sharply. Trump inherited a robust economy that had grown steadily despite the high interest rates imposed by the Federal Reserve to combat inflation. His erratic trade policies, including the 145% tariffs on China, have crippled businesses and threatened to raise prices and hurt consumers.
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