The U.S. economy shrank at a 0.5% annual pace from January through March as President Donald Trump’s import taxes at least temporarily disrupted business, the Commerce Department reported Thursday in ...

Consumer spending also slowed sharply, expanding just 0.5%, down from a robust 4% in fourth-quarter 2024.

The Commerce Department released its third estimate of U.S. gross domestic product for the first quarter and found the economy contracted at an annual rate of 0.5%.