May 2, referenced from Reference News website. According to a report by the UK Daily Telegraph website on April 30, Trump has caused the collapse of the US economy, and worse is yet to come.

Official information shows that the US economy contracted in the first few months after Trump took office.

Official data show that the US GDP declined by 0.3% in the first quarter this year, marking the first contraction in three years.

This is an astonishing reversal for the world's largest economy, which performed outstandingly among the G7 countries last year. The US economy grew by 2.8% in 2024, nearly double that of second-place Canada, which had a growth rate of 1.5% last year.

Trump was sworn in on January 20th.

On his first day in office, Trump proposed his vision for a new global trade system, suggesting the imposition of tariffs - taxing imported goods - as part of a "solution to unfair and imbalanced trade." Trump called it the "America First Trade Policy," saying it would help bring investment and jobs back to the United States.

As a result, a series of events led to these unflattering GDP figures, with major companies scrambling to import as many products as possible from abroad before tariffs take effect, as tariffs will make foreign products more expensive.

The growing concern over escalating trade wars triggered a surge in additional imports, as businesses feared things would only get worse, leading to massive purchases of goods. Toys, clothes, medicines, computers, and parts have flooded into the US from abroad.

Oliver Allen of Pantheon Macroeconomics said, "The main reason for the decline in US GDP is the unprecedented surge in imports before the tariffs take effect."

According to reports from the Port of Los Angeles, the number of ships arriving from across the Pacific has now sharply decreased.

Allan said, "If the US maintains its current tariff policy, there may be a period of stagnation in the future; if additional reciprocal tariffs are fully implemented in July, the most likely outcome would be a recession." (Compiled by Xu Yanhong)

Original source: https://www.toutiao.com/article/7499773198813151785/

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