US economy contracted in Q4

Updated 30 January 2013
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US economy contracted in Q4

WASHINGTON: The US economy contracted at a rate of 0.1 percent in the fourth quarter, according to the government’s first estimate Wednesday.
But the economy expanded overall a modest 2.2 percent for the full year in 2012, a gain from 1.8 percent in 2013, the Commerce Department said.
The fourth quarter estimate was lower than forecast, but came after a strong 3.1 percent pace in the third quarter.
“The downturn in real GDP in the fourth quarter primarily reflected downturns in private inventory investment, in federal government spending, in exports, and in state and local government spending,” the department said.
It stressed that the first estimate of GDP growth is based on incomplete data and is often revised.


EU to hit US imports from Friday in response to Trump tariffs

Updated 20 June 2018
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EU to hit US imports from Friday in response to Trump tariffs

BRUSSELS: The EU will start charging import duties of 25 percent on a range of US products from Friday after Washington imposed tariffs on EU steel and aluminum at the start of June, the European Commission said on Wednesday.
The Commission formally adopted a law putting in place the duties on €2.8 billion ($3.2 billion) worth of US goods, including bourbon and motorbikes.