Imports spiked at an annual rate of 50.9% the first three months of the year and the nation’s trade deficit widened by $14 billion to a record $162 billion in March. All told, the first quarter’s yawning trade gap subtracted about 5 percentage points from economic growth.

Amid tariff announcements and economic uncertainty, real GDP unexpectedly fell at an annualized rate of 0.3% in the year's first quarter.

Real gross domestic product (GDP) grew -0.3% on a quarter-over-quarter, seasonally adjusted annual rate, according to the Bureau of Economic Analysis. Consensus economist forecasts pegged last quarter’s real GDP growth at 0.4%, according to Dow Jones data, a stark decrease from the prior period’s 2.4% expansion.