Economics

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Trump tells business chiefs he needs 'little bit of time' as US economy shrinks (www.bbc.com)

submitted 4 days ago by MicroWave@lemmy.world to c/economics@lemmy.world

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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 claimed the figure was misleading because companies had stockpiled imports ahead of his imposition of tariffs.

The US economy contracted at an annual rate of 0.3%, the US commerce department said, a sharp downturn after growth of 2.4% in the previous quarter. It comes as Trump marks 100 days in office, with opinion polls indicating public discontent over his economic stewardship.

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[–] wise_pancake@lemmy.ca 4 points 4 days ago

He is right on that, I can’t share my source, but I do know for a fact that broadly companies have been stockpiling.

Seasonal industries like fashion are going to be first hit. Manufacturing is already hit. Now that the spring season is running out the apparel industry is going to come into the brunt of tariffs and we’re going to start seeing the pain ramping up through the summer.

Expect big changes in what’s on the shelves soon.