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Forbes Media’s Steve Forbes joins ‘The Big Money Show’ panel to talk the international implications of rising trade tensions between the U.S. and China.
The U.S. economy contracted in the first quarter as President Donald Trump’s economic agenda took effect,
» Read more about: US economy slows sharply, shrinking 0.3% in the first quarter, as tariffs weigh »
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» Read more about: Tesla: Elon Musk's Long Awaited Return Is Here – Prospects Remain Mixed »
Published Wed, Apr 30, 2025 · 09:49 PM
[NEW YORK] Wall Street’s main indexes opened sharply lower on Wednesday (Apr 30) after data showed the world’s largest economy contracted in the first quarter, amplifying worries about the economic hit from President Donald Trump’s tariff policies.
» Read more about: US: Wall Street tumbles at the open as US economy contracts in first quarter »
By ROB GILLIES Associated Press
TORONTO (AP) — As Canada’s Liberals celebrated election victory in a stunning turn of fortune, vote counting resumed Tuesday to determine whether Prime Minister Mark Carney’s party gains an outright majority or needs help in Parliament from a smaller party.
Carney’s rival,
How are the Trump administration’s trade negotiations doing at the moment? Not well, it appears. Treasury Secretary Scott Bessent warns that China could lose 10 million jobs if it doesn’t lower tariffs—which means the standoff with that country’s government continues. Canada just elected a prime minister who wants to pretend that his North American country and its economy are part of Europe (it only is in a shared disdain for free speech).
» Read more about: Americans Doubt Trump's Trade War Will Benefit Them »
The Social Security Administration is backing off a plan it announced in March to withhold 100% of many beneficiaries’ monthly payments to claw back money the government had allegedly overpaid them.
Instead, the agency will default to withholding 50% of old-age, survivors, and disability insurance benefits, the agency said in an “emergency message” to staff dated April 25.
An update on gross domestic product (GDP) showed a sharp drop in growth with the US economy contracting at an annual rate of 0.3% in the first quarter, according to an advanced estimate released by the US Bureau of Economic Analysis on Wednesday.
It was the first negative reading in three years.
Getty Images/iStockphoto
With economic headwinds and an uncertain outlook for the remainder of 2025, diversifying your investment portfolio is paramount for financial security.
» Read more about: 5 things for gold investors to keep in mind now, according to experts »
The U.S. economy shrank 0.3% from January through March, first drop in three years. It was slowed by a surge in imports as companies in the United States tried to bring in foreign goods before President Donald Trump imposed massive tariffs.
The January-March expansion was the slowest in almost three years and was down from 2.4% in the last three months of 2024.
» Read more about: US economy shrinks 0.3% in first quarter as Trump trade wars disrupt business »