Washington: According to data released by the US Department of Commerce on Thursday, the American economy shrunk for the first time in three years in the first quarter of this year.
The US GDP fell 0.5 percent a year ago during the January-March period, the Department of Commerce reported in its final report on Thursday.
The growth in the first quarter increased by increasing imports as American firms scrambled to buy foreign goods, which was before applying sweeping tariffs.
This happened as US President Donald Trump as extensive tariffs were implemented against most trading partners crying the global economy.
