The U.S. economy contracted early this year as businesses imported a massive trove of goods before President Donald Trump’s sweeping tariffs took effect, widening the trade deficit and curtailing growth.

Stocks fell once more in mid-morning trading following discouraging data about the U.S. economy, stoking recession fears. President Donald Trump, meanwhile, tried to blame his predecessor for the decline, writing "This is Biden's Stock Market, not Trump's" on Truth Social.