WASHINGTON (Reuters) -The U.S. Senate was poised on Wednesday to vote on a resolution to block a host of President Donald Trump's tariffs, hours after the federal government reported that the nation's economy contracted for the first time in three years amid the chaos of the president's tariff policies.

US President Donald Trump has shared his first reaction to the GDP figures which were announced this morning, which indicates the US economy shrank 0.3% in first three months of this year. On Truth Social, Trump claims: "this is Biden’s Stock Market, not Trump’s".

Companies rushed to buy imports before Trump's tariffs could take effect, causing a decline in gross domestic product in first quarter

US automakers will get some relief from US President Donald Trump's tariffs, according to a new White House fact sheet. Prior to his new executive order, manufacturers had to pay a 25 percent tariff on any parts used in any US-assembled vehicles.

President Donald Trump has signed executive orders to relax some of his 25% tariffs on automobiles and auto parts, a significant reversal as the import taxes threatened to hurt domestic manufacturers

A slower phase-in for tariffs on auto parts will give manufacturers time to ramp up manufacturing in the U.S. Some warn they will still drive up car prices.