Quick Review of U.S. Q1 GDP Data

The U.S. economy contracted by 0.3% in the first quarter of 2020, marking the first contraction since 2022, primarily due to a surge in pre-tariff imports and weak consumer spending. Predictors believe that the likelihood of the U.S. falling into recession next year is nearly equal, with economists expecting that higher tariffs will lead to supply shocks, pose challenges for businesses, and result in a decline in demand