U.S. economy shrank for the first time in three years in the first quarter of this year, according to data released Thursday by the U.S. Commerce Department.

U.S. gross domestic product dropped 0.5 percent in the January-March period from a year ago, the Commerce Department reported Thursday in its final report.

Growth in the first quarter was stifled by rising imports as U.S. firms scrambled to purchase foreign goods before sweeping tariffs took effect.

This occured as U.S. President Donald Trump implemented sweeping tariffs against most trading partners that could roil the global economy.