The US economy contracted in Q1 2025 (-0.1%, after +0.6% in Q4 2024), for the first time since early 2022. However, this downturn appears to be partly technical, as private domestic demand remained robust, for both household consumption (+0.3%) and private investment (+1.9%, including +2.5% for non-residential investment). This contraction was mainly due to a surge in imports (+9.3%), particularly of consumer goods and technological equipment, as US importers chose to bring forward their foreign orders before the tariffs introduced by the new administration came into force. Despite a slight rise in exports (+0.6%), the contribution of foreign trade was very negative (-1.2 points). This was not offset by changes in inventories (+0.7 points). Public spending, particularly federal defence spending, fell by 0.2%...