The UK economy experienced a sharp contraction in April 2025, reflecting the economic shockwaves caused by the recent decision by U.S. President Donald Trump to impose broad tariffs on imported goods. This marked the most significant monthly decline in GDP since October 2023.
The U.S. economy experienced its first contraction in three years during the first quarter of 2025, with gross domestic product GDP declining at an annualized rate of 0.2% between January and March.
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