We had that minus the massive spike in imports. That's what drove the GDP downward. The effects on the other parts of the equation that make up GDP will lag.
Officially, the Chinese are steadfast. Unofficially, three Chinese Finance officials seen entering the US Bureau of Treasury building. Also, Chinese tariffs on US goods are being removed quietly, by the Chinese. Their hardheaded tariff war with the US has already lost significant market share to India, Vietnam, Thailand and Mexico. Now US technology companies have moved operations to those countries. Chinese layoffs could reach 200 million. Let that sink in. Our Canadian neighbors would do well to see what is happening to China and your Prime Minister Carney would do well to get a trade agreement with the US now. Otherwise, US tariffs on Canada will go up again and this time, the adverse effects on Canada will be beyond repair.
China ships are reversing course mid ocean, orders cancelled. Trump wants China to do well, Peter Navarro wants to decouple from China. This causes strategic uncertainty, it's a Jekyll Hyde administration.
The hard data comes out and Trump and supporters come up with excuses and people to blame and ignore the problem. US businesses are NOT ignoring the problem they are scaling back as fast as they can. International businesses are scaling back their exposure to the US an absurdly unreliable business partner at this time. It's just really bad. Time to stop talking and understand this before it's too late.
You are delusional. China is actually far readier to deal with a Trade War then the US is. There are a ton of experts explaining this right now so that idiots like you might wake up. I laugh when some of you Americans believe all the crap Trump tells you about Canada. Bring it we don't fucking care.
I understand the data completely and I think it's likely to get very bad. However, the economy hasn't crashed yet. The increase in imports is unique, because it doesn't indicate higher unemployment. Other drivers of GDP normally would. You're next going to see a massive decrease in imports which will increase GDP. That decrease will not be good for the economy.