US Economy Shrinks, Tariffs Impact, and Global News Updates | CBS News 24/7

Economic Downturn and Inflation Data

• 📉 The U.S. economy experienced a contraction in the first quarter of 2025, with Gross Domestic Product (GDP) declining at a 0.3% rate.
• 📊 This marks the first quarterly contraction in a significant period, contrasting with previous quarters of 2-3% growth.
• 💡 A surge in imports (over 40%) driven by businesses and consumers importing goods before tariffs hit, significantly impacted the GDP calculation.
• 📈 When excluding imports and exports, the core GDP actually grew by 3%, suggesting underlying economic strength despite the headline contraction.
• 🎯 PCE inflation, the Fed's preferred gauge, came in cooler than expected at 2.3% annually, nearing the 2% target, indicating a positive underlying inflation trend.

Legal Battles and Deportation Cases

• ⚖️ A judge has ordered the return of Kilar Abrego Garcia from an El Salvador prison, but the order has not been followed, raising questions about executive branch compliance with judicial orders.
• 🚫 A federal judge in Massachusetts has blocked the Department of Homeland Security from transferring migrants out of its custody to other agencies, preventing circumvention of due process.
• 🏛️ Deportation lawsuits are becoming a defining legal battle of the current administration, with various court challenges across the country.

Business Investments and International Deals

• 🇺🇸 President Trump hosted an "Investing in America" event, touting commitments of at least $8 trillion in investments from companies like Nvidia, GE Aerospace, and IBM.
• 🤝 A potential rare minerals deal between the U.S. and Ukraine is nearing finalization, aiming to open up U.S. investment and control over Ukraine's rare earth minerals.
• 🇨🇳 Tariffs are causing a slowdown at major ports like Oakland and Los Angeles, with projections of a significant drop in imports and potential empty store shelves within weeks.

Severe Weather and Environmental Incidents

• ⛈️ Strong storms in Pittsburgh have resulted in at least four deaths, widespread power outages, and downed trees.
• 🌪️ A tornado struck southern Missouri, causing significant damage to roofs and buildings, while other areas in Texas experienced flooding and tornado warnings.
• 🛢️ Cleanup is underway following an oil and natural gas spill in the Garden Island Bay Marsh in Louisiana.
• 🔥 Investigators are conducting controlled burns in California's Palisades burn zone to learn more about how a recent wildfire started.

Other Notable News

• 🎓 A hazing incident involving high school lacrosse players in upstate New York is being investigated as potential felony kidnapping charges.
• ⚖️ A Palestinian Columbia student, Mosen Madawi, was released from custody following a judge's order, with the judge highlighting concerns about the chilling of speech and potential retaliation for his views.
• ⛪ The Supreme Court heard arguments in a case concerning the creation of an online Catholic charter school in Oklahoma, which could impact the use of taxpayer dollars for religious schools.
• 🤰 The Texas Senate approved changes to its abortion law to clarify when doctors can perform abortions in life-threatening conditions.
• 📰 A key witness, Jen McCabe, is testifying in the retrial of Karen Reed, accused of killing a Boston police officer, with defense attorneys questioning her coordination of witness stories.