US economy unexpectedly shrinks on import surge

The US economy unexpectedly contracted in the first three months of the year, according to fresh data, due largely to a surge in imports as businesses and consumers stockpiled ahead of the introduction of President Donald Trump's sweeping tariffs. The gross domestic product of the world's largest economy decreased at an annual rate of 0.3 percent in the first quarter, after growing 2.4 percent in the final months of 2024, according to an estimate from the US Commerce Department. The data was sha