That includes -4.8 percentage points from net trade which comes from two sources:
1) Importers getting ahead of tariffs in Jan and Feb.
2) -2.3 percentage points of the net trade deficit estimate was from imported non-monetary gold, because Americans want portable wealth right now.
The thing to be concerned about is that real consumption is up only 0.3% quarter-over-quarter annualized in this estimate. This is two-thirds of GDP. Investment is actually pretty strong, especially equipment (GPU servers).
1) Importers getting ahead of tariffs in Jan and Feb. 2) -2.3 percentage points of the net trade deficit estimate was from imported non-monetary gold, because Americans want portable wealth right now.
The thing to be concerned about is that real consumption is up only 0.3% quarter-over-quarter annualized in this estimate. This is two-thirds of GDP. Investment is actually pretty strong, especially equipment (GPU servers).