The Daily Money: Worst economy since 2022?
Good morning! It’s Daniel de Visé with your Daily Money.
The U.S. economy just had its worst quarter in three years.
The country's gross domestic product, the value of all goods and services, shrank at a 0.3% annual rate in the first three months of the year, after several consecutive quarters of growth. Imports drove the change, as companies scrambled to bring in foreign goods ahead of announced tariffs.
President Trump says an economic boom is still coming. His social media message: “BE PATIENT!!!”
Trump vs. diversity, equity and inclusion
With the swirl of a black Sharpie marker, President Donald Trump issued an executive order on his first day back in the White House, cracking down on what he calls “illegal and radical” diversity, equity and inclusion practices.
“I ended all of the lawless, so-called diversity, equity and inclusion bullshit all across the entire federal government and the private sector,” Trump said Tuesday at a rally in Michigan marking his 100th day in office.
Tariffs and the holidays
December is more than half a year away, but President Trump just acknowledged that it could be tighter for families this holiday season.
"Somebody said, 'Oh, the shelves are gonna be open,'" Trump told reporters Wednesday. "Well, maybe the children will have two dolls instead of 30 dolls, and maybe the two dolls will cost a couple of bucks more."
Economists worry Trump’s sweeping tariffs will drive up prices and lead to shortages — two things that could make the holidays more difficult.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from Paste BN, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.