Walking a tightrope in the US, tariffs suppress growth

This edition of Economic Compass takes a closer look at where the US Administration is in enacting its policy agenda.

Real GDP in the United States (US) edged down by a revised 0.2 percent in the first quarter, a tenth of a percentage point higher than in the initial release. Consumer spending slowed, largely in response to a later-than-usual Easter and harsh winter weather. Snow in parts of the South curbed discretionary spending. The bulk of the frontrunning on spending associated with tariffs showed up in vehicle sales late in the quarter. Housing activity cooled in response to higher mortgage rates. ...

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Authors: Diane Swonk

Published Date: 12 June 2025