Follow here for live coverage and analysis of the latest economic data. Two major reports are due today: GDP and PCE inflation.

The president denied that his tariffs had anything to do with the contraction, blaming the "Biden 'Overhang'."

The nation’s GDP fell at a 0.3% annual rate, surprising economists who had anticipated modest growth. The U.S. economy contracted for the first time in three years, an initial measurement by the Commerce Department revealed on Wednesday.

The U.S. economy contracted by 0.3 percent between January and March, the first decline in three years, as concerns over the effects of President Donald Trump 's tariffs sparked a surge of imports. Trump introduced sweeping import charges to reduce the U.

President Donald Trump's trade policies could be setting up the U.S. economy for its first recession since the Covid crisis of 2020.