The U.S. economy was initially reported to have grown at a 3 per cent pace in the second quarter.

The U.S. economy grew faster than initially thought in the second quarter, in part driven by business investment in intellectual property such as artificial intelligence , but tariffs on imports continued to cloud the picture.

The upgrade to gross domestic product reported by the Commerce Department on Thursday also reflected upward revisions to consumer spending as well as business investment in equipment. That resulted in a measure of underlying domestic demand also being revised higher.

Given the wild swings in imports stemming from the manner in which President Donald Trump’s sweeping tariffs have been implemented, including escalations and 90-day pauses, the GDP report is not a t

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