Imports spiked at an annual rate of 50.9% the first three months of the year and the nation’s trade deficit widened by $14 billion to a record $162 billion in March. All told, the first quarter’s yawning trade gap subtracted about 5 percentage points from economic growth.

GDP shrank in the first quarter, a new report shows, offering a look at how tariffs are reshaping spending patterns and changing the economy.