An evenly split U.S. Senate rejected the latest bipartisan bid to block President Donald Trump's tariffs on Wednesday, 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".

President Donald Trump on Wednesday acknowledged that his tariffs could result in fewer and costlier products in the United States, saying American kids might "have two dolls instead of 30 dolls," but he insisted China will suffer more from his trade war.