Economists: The contraction of the US economy in the first quarter cannot be solely attributed to imports.

U.S. economic growth slowed sharply in the first quarter of 2025 as companies stockpiled goods ahead of President Trump's sweeping tariff policy, April 30. Still, economists warn that the report may not fully reflect the state of economic growth, noting that the data could be a bit noisy as companies try to act ahead of tariffs, leading to a surge in imports. Economists point out that increased imports may look like a slowdown in economic growth, but that doesn't tell the whole story. Michael Pearce, deputy chief US economist at Oxford Economics, wrote: "There has never been a recession caused by imports. While imports are recorded as a subtraction of GDP, imports are otherwise shown as offsetting positive growth, such as an increase in consumption or business investment, or as an increase in inventories. ”