Los Angeles, United States - June 27, 2025 Storyline: The U.S. economy shrank for the first time in three years in the first quarter of this year, according to data released Thursday by the U.S. Commerce Department. Real gross domestic product (GDP) decreased at an annual rate of 0.5 percent in the January-March period, a downward revision of 0.3 percentage points from the previous estimate, the Commerce Department reported in its final report. The U.S. economic performance in the first quarter was primarily affected by factors such as rising imports and slowing consumer spending, the report said. Imports surged 37.9 percent in the first quarter and accounted for a contraction of 4.66 percent in GDP, according to the report. Growth in the first quarter was stifled by rising imports as U.S. firms scrambled to purchase foreign goods before sweeping tariffs took effect. This occurred as U.S. President Donald Trump implemented sweeping tariffs against most trading partners that could roil the global economy. Consumer spending was also revised downward. Personal consumption expenditures, which accounts for roughly 70 percent of the U.S. economy, grew just 0.5 percent quarter on quarter, a significant downgrade from 1.2 percent in the previous estimate. Shotlist: FILE: Washington D.C., USA - October 2024: 1. Various of U.S. Department of Commerce building, U.S. national flag FILE: New York City, USA - October 2024: 2. Various of buildings, pedestrians, traffic 3. Brooklyn Bridge FILE: Los Angeles, California, USA - April 7, 2025: 4. Various of residents walking with shopping carts at supermarket parking lot, loading groceries onto cars FILE: Miami, USA - April 7, 2025: 5. Various of fruit, vegetables for sale 6. Various of employees putting meat products on refrigerator shelves FILE: New York City, USA - October 2024: 7. Various of port scene, Statue of Liberty FILE: Los Angeles, USA - 2025: 8. Various of scenes of Port of Los Angeles FILE: Los Angeles, USA - 2025: 9. Various of crane moving container at port 10. Containers at port 11. Vessel [Restrictions : No access Chinese mainland]