US economic growth slows after sharp trade decline

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US economic growth slows after sharp trade decline

Charlotte Edwards

Business reporter

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Economic growth in the US slowed at the end of last year, as trade declined more sharply than expected and the country was hit by hurricanes and labour strikes.

The economy expanded at an annual rate of 2.3% between October and December, down from 3.1% in the three months before, according to the US Commerce Department.

The pace, fuelled by solid growth in consumer spending, was nevertheless weaker than economists had expected.

The figures signal potential challenges ahead for US President Donald Trump, as he seeks a major shake-up of economic policies.

He has said he is looking to impose higher tariffs on imports, the first of which could be announced this week.

The US economy had been forecast to expand at 2.5% in the final three months of 2024 but analysts said details of the Commerce Department report suggested growth remained solid.

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