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.

Another day, another piece of evidence that President Donald Trump’s escalating trade war with friends and foes is hurting the global economy. Today: Japan’s central bank cut its economic growth forecast for the country in half.

An early tally of the impact of President Trump’s tariffs is in — and it’s, well, not encouraging. The US economy shrank in the first quarter, the first decline in three years, the Commerce Department said on Wednesday.