Senate Republicans have narrowly voted down a Democratic resolution that would have blocked global tariffs announced by Donald Trump earlier this month, giving the president a modest win Wednesday as lawmakers in both parties have remained skeptical of his trade agenda.

This was driven by a drop in government spending and a surge in imports - which count against growth - as firms raced to get good into the country ahead of tariffs. Today's report is the most comprehensive reading of how the world's largest economy is holding up following the introduction of import taxes by President Donald Trump,

The U.S. dollar rallied against major currencies on a data-packed Wednesday after a report showed the world's largest economy shrank in the first quarter, worse than market expectations, but better than the dire predictions touted by some of the biggest U.

The economy shrank 0.3% in the first three months of the year, a steep downturn from the pace of growth in 2024.