Another day, another piece of evidence that President Donald Trump’s escalating trade war with friends and foes is hurting the global economy. Today: Japan’s central bank cut its economic growth forecast for the country in half.

The U.S. economy shrank 0.3% from January through March, first drop in three years. It was slowed by a surge in imports as companies in the United States tried to bring in foreign goods before President Donald Trump imposed massive tariffs.

The U.S. economy contracted at a rate of 0.3% in the first quarter of 2025, according to an estimate released on Wednesday by the Bureau of Economic Analysis.