• Q1 GDP turned negative for the first time in three years—imports surged ahead of tariffs, while consumer spending slid.

• Trump blames Biden-era momentum for the slowdown, but businesses say the real damage came from chaotic tariff rollouts and mixed signals.

• With sweeping tariffs now active, importers may face tighter margins and softer demand just as uncertainty peaks, and should buckle up for a bumpy Q2.