Is this negative GDP print an outlier due to front running of tariffs?
Q1 GDP declines 0.3% SAAR as massive front running of tariffs caused imports to explode 41.3%, dragging GDP down by -5.03pp; gov’t declined 1.4% in 1st drop since ’22; meanwhile, investment exploded 21.9% higher – despite the headline number, this is a surprisingly good report: