The U.S. economy shrank at a 0.3% annual pace from January through March, the first drop in three years, as President Donald Trump's trade wars disrupted business. First-quarter growth was slowed by a surge in imports as companies in the United States tried to bring in foreign goods before Trump imposed massive tariffs.

U.S. President Donald Trump said on Wednesday that Americans should be patient in the face of a first quarter economic contraction, arguing that his tariffs would eventually lead to a boom in the U.S.