The latest GDP report follows a decline of 0.5% in the first quarter, the weakest period of economic growth for the U.S. since Q1 in 2022 that was “primarily reflected” by an increase in imports as businesses aimed to get in front of President Donald Trump’s tariffs, and a decrease in government spending, the BEA said.

The size of the U.S. economy grew in the second quarter of this year by a lot — 3%, annualized . That’s after it contracted in the first quarter by 0.5%. But as is so often the case in economics and elsewhere, looks can be deceiving.

The US economy expanded sharply in the second quarter as businesses dialed back on imports after stocking up earlier in the year to get ahead of President Donald Trump’s tariffs. But a look under the hood shows an economy that’s sputtering.