The US economy unexpectedly contracted in the first three months of the year, according to fresh data published Wednesday, due largely to a surge in imports as businesses and consumers

President Donald Trump’s economic policies have already shrunk the U.S. economy for the first time in three years. A report released Wednesday by the official U.S. Bureau of Economic Analysis found gross domestic product had contracted last quarter by an annualized rate of 0.

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.

President Donald Trump is acknowledging that his tariffs could result in fewer and costlier products in the United States

President Donald Trump has asked for more time on the US economy as it contracted for the first time in three years, stoking recession fears. He said the figure was misleading because companies had stockpiled imports ahead of his imposition of tariffs.