President Trump's tariffs are significantly impacting U.S. economic growth, with the Commerce Department reporting a 0.3% decline in GDP for the first quarter. This decline contrasts starkly with the last quarter's growth of 2.4%. Although initial reports of economic activity seem alarming, deeper analyses suggest mostly solid underlying economic conditions. Despite this, there are growing concerns about future spending slowdowns due to tariffs raising prices and creating uncertainty. This could lead to a softening of the economy as consumer spending also showed signs of decline, partly influenced by harsh winter weather.
President Trump's tariffs have disrupted measures of economic growth, leading to a decline in U.S. GDP at an annual rate of 0.3%.
While consumer spending showed signs of slowing, it wasn't primarily due to tariffs, as winter storms also impacted shopping behaviors.
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