The US economy shrank by 0.3 percent in the first quarter of this year – the first drop in 3 years. US stocks opened lower in response to the news. Economists say GDP fell because of a surge in imports, as companies rushed to bring in foreign goods before US President Donald Trump imposed his tariffs. Posting on social media, the president told people to be patient, adding that the slowdown had nothing to do with tariffs, but was rather what he called an "overhang" from his predecessor, Joe Biden.
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