US ECONOMY CONTRACTS IN THE FIRST QUARTER

The U.S. economy contracted for the first time in three years in the first quarter, swamped by a flood of imports as businesses raced to avoid higher costs from tariffs and underscoring the disruptive nature of President Donald Trump's often chaotic trade policy.

The Commerce Department's advance gross domestic product (GDP) announcement on Wednesday, however, grossly exaggerated the economy's dimming prospects. Though consumer spending slowed considerably, the pace of growth remained healthy. Businesses also boosted investment in equipment.

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