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Tag: Smoot-Hawley Tariff Act
U.S. Economy Contracts in Q1 2025: Legal and Policy Implications Amid Tariff-Induced Trade Shifts
In the first quarter of 2025, the U.S. economy contracts in Q1 2025 by 0.3%, marking the first decline since early 2022. This downturn was primarily driven by a surge in imports as businesses and consumers rushed to purchase foreign goods ahead of new tariffs introduced by President Donald Trump. The resulting record trade deficit significantly dragged down GDP.Â
Tariffs and Tensions: Analyzing the Legal and Economic Implications of the IMF’s 2025 U.S. Growth Forecast Reduction
In April 2025, the International Monetary Fund (IMF) revised its forecast for U.S. economic growth in 2025, reducing it from 2.7% to 1.8%. This significant downgrade was attributed primarily to escalating trade tensions and the imposition of sweeping tariffs by the United States under President Donald Trump's administration. The IMF also lowered its global growth forecast to 2.8%, citing similar concerns.