Economic growth slows to 2 percent in Q1

Source: The Hill | June 28, 2018 | Vicki Needham

Economic growth in the first quarter was slower than initially reported, well below the Trump administration’s expectations.

The economy expanded at an annual rate of 2 percent in the January to March quarter, down from the previous estimate of 2.2 percent, the Commerce Department reported in its third and final estimate on Thursday.

Growth was much slower than the 2.9 percent pace in the final three months of last year.

President Trump has been riding high on solid jobs numbers, arguing that his economic strategy of lower taxes and fewer regulations is driving better results. 

But there is growing anxiety that Trump’s tit-for-tat tariffs with key allies and China could risk any gains from the new tax law implemented earlier this year. 

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