US economy declines for 1st time since 2022 amid Trump's tariffs

The US economy contracted in the January-March quarter of 2025, marking its first decline since 2022, according to the Bureau of Economic Analysis' preliminary data. Inflation-adjusted gross domestic product (GDP) decreased at a 0.3% annualised rate, the data showed. The drop was reportedly driven by a sharp increase in imports amid Donald Trump's tariffs and a slowdown in consumer spending.