Are tariffs biting the United States and China?

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  Hello and welcome to World Business Report here on the BBC World Service.

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  I'm Rahul Tandon.

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  Plenty coming up on this edition.

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  President Trump praises his tariffs again,

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  but the US economy has shrunk for the first time in three years.

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  Some companies have been stockpiling, others tell us consumers will face the pinch.

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  Businesses are jumping ahead and increasing prices.

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  And ultimately,

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  I think that the government will need to recognise that this 145% with China is ludicrous.

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  That is the world's largest economy.

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  We'll take you to the second largest one, China,

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  where the tariff threat facing the world's largest wholesale market.

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  How big is it?

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  We'll let you know.

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  And we take a look at the high price of housing in Australia ahead of elections this weekend.

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  The reason is because Australia hasn't built enough homes to meet the needs of a growing population.

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  And so Australia is only one of four countries in the OECD where housing per person has gone backwards.

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  But we're going to start in the world's largest economy, which of course is...

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  the U.S., because it has shrunk for the first time in three years.

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  President Trump insisted the fault was nothing to do with tariffs and instead blamed his predecessor,

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