The U.S. economy shrank 0.3% in Q1 2024—its first contraction since 2022—as Trump-era tariffs triggered stockpiling chaos and slashed consumer confidence 📉. Net exports plunged, wiping nearly 5% off GDP, the worst hit in over 50 years. While spending dipped, experts say this isn’t a recession yet… but storm clouds are gathering.
‘Chaos’ in the White House?
Harvard economist Lawrence Summers called Trump’s economic policies ‘disastrous,’ citing falling stocks and rising recession odds 📈. Analysts now estimate a 55% chance of downturn—up from 10% months ago. ‘The only thing pushing recession higher is White House chaos,’ said University of Michigan’s Justin Wolfers.
What’s Next?
Businesses face whiplash as tariff threats come and go 🎢. With half of S&P 500 companies already adjusting plans, uncertainty looms. China Institutes of Contemporary Int’l Relations expert Wei Liang warned: ‘Without policy U-turns, Q2 could see deeper decline.’ Buckle up, folks. 🚨
