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Economy In The Next 100 Days, Ukraine Minerals Deal, India And Pakistan Tension
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The U.S. economy shrank during the first three months of the year, according to figures released by the Commerce Department yesterday. The U.S. gross domestic product contracted at an annual rate of 0.3% in the first quarter of the year. Consumer confidence has plummeted to its lowest level since the onset of the COVID-19 pandemic, the stock market has experienced a significant decline, and many worry that a recession may be imminent. The new data comes just before thousands of protesters are expected to take to the streets nationwide to protest the Trump administration for May Day.
The U.S. economy contracted at an annual rate of 0.3% in the first three months of the year as President Trump's tariffs spark fears about a recession. Jeff Kowalsky/AFP via Getty Images hide caption
toggle caption Jeff Kowalsky/AFP via Getty Images- 🎧The first quarter was about people preparing for President Trump's trade war, while the second quarter, which began in April, is when those tariffs start to bite, NPR's Scott Horsley tells Up First. Greg Daco, the chief economist at EY Parthenon, says people are being more careful about spending money, especially on things like going out to eat. When families cut back on consumer spending, it can put the brakes on economic growth. The potential for a U.S. recession may hinge on whether the president's tariffs stay intact or are weakened, Daco says.