内容摘要：in Game 1 of the conference semifinals after waiting eight days between games. The Thunder eventually lost that series 4-2.

in Game 1 of the conference semifinals after waiting eight days between games. The Thunder eventually lost that series 4-2.

The January-March drop in gross domestic product — the nation’s output of goods and services — reversed a 2.4% gain in the fourth quarter of 2024. Imports grew at a 42.6% pace, fastest since third-quarter 2020, and shaved more than 5 percentage points off GDP growth. Consumer spending also slowed sharply.And federal government spending fell at a 4.6% annual pace, the biggest drop in three years.

Trade deficits reduce GDP. But that’s mainly a matter of mathematics. GDP is supposed to count only what’s produced domestically. So imports — which the government counts as consumer spending in the GDP report when you buy, say, Costa Rican coffee — have to be subtracted out to keep them from artificially inflating domestic production.The first-quarter import surge likely won’t be repeated in the April-June quarter and therefore shouldn’t weigh on GDP.From January through March, business investment surged 24.4%. An increase in inventories — as businesses stocked up ahead of the tariffs — added more than 2.6 percentage points to first-quarter GDP growth.

A category within the GDP data that measures the economy’s underlying strength rose at a 2.5% annual rate from January through March, down from 2.9% in the fourth quarter of 2024 but still solid. This category includes consumer spending and private investment but excludes volatile items like exports, inventories and government spending.Trump’s tariffs have added considerable uncertainty to the economic outlook. He has imposed 10% tariffs on almost every country on earth in addition to levies on steel, aluminum and autos. A federal court on Wednesday

as well as specific taxes on Canadian, Mexican and Chinese imports, saying the president had overstepped his authority.

Thursday’s report was the second of three Commerce Department estimates of first-quarter GDP. The final version arrives June 26.As Trump sees it, his tariffs would solve genuine problems. His “Liberation Day” taxes on imports would close persistent trade imbalances with other countries, with his 10% baseline tariff providing a stream of revenue to help offset the trillions of dollars in federal borrowing that would be created by his planned income tax cuts.

But when the financial markets panicked and the interest charged on U.S. debt shot up, Trump backtracked and ratcheted down many of his tariffs to 10% while negotiations began to take place.Treasury Secretary Scott Bessent suggested this had been the plan all along to force new trade negotiations. But Trump shortly undercut him by saying on the White House South Lawn that he backed down because the financial markets were getting “yippy” — a reminder that Trump’s own improvisatory and disruptive style can upend any working policy process.

Trump still has tariffs in place on autos, steel and aluminum. Those are tied to the premise that imports would create national security risks based on previous investigations under Section 232 of the Trade Expansion Act of 1962. He could use other laws to start new investigations or temporarily impose tariffs, but the White House is more focused at the moment on challenging the court rulings.“What is unprecedented is Trump asserting authority under a 1977 statute that had never been used for tariffs, not just for targeted tariffs, but the largest tariffs since the 1930s,” said Peter Harrell, a fellow at the Carnegie Endowment for International Peace who served in the Biden White House. “That’s what is unprecedented and unusual.“