US economy already sputtering from trade pain

Deceleration ahead: Cranes at the Port Newark Container Terminal in Newark, New Jersey. Some economists predict tariffs may reduce China’s direct US exports by at least 80%. — AFP

Washington: After cruising along comfortably for most of last year, the world’s largest economy lost altitude at the start of this year as consumers tired and the trade deficit ballooned on a tariff-related scramble for imports.

The US government’s initial estimate of first-quarter gross domestic product (GDP) is projected to show the economy expanded at a 0.4% annualised rate, the weakest in nearly three years.