Economic growth in the first quarter was slower than initially reported, well below the Trump administration's expectations.

The economy expanded at an annual rate of 2 percent in the January to March quarter, down from the previous estimate of 2.2 percent, the Commerce Department reported in its third and final estimate on Thursday.

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Growth was much slower than the 2.9 percent pace in the final three months of last year.

President Trump Donald John TrumpBiden on Trump's refusal to commit to peaceful transfer of power: 'What country are we in?' Romney: 'Unthinkable and unacceptable' to not commit to peaceful transition of power Two Louisville police officers shot amid Breonna Taylor grand jury protests MORE has been riding high on solid jobs numbers, arguing that his economic strategy of lower taxes and fewer regulations is driving better results.

But there is growing anxiety that Trump's tit-for-tat tariffs with key allies and China could risk any gains from the new tax law implemented earlier this year.

Economists are expecting stronger growth in the April to June quarter, with estimates around 4 percent.

The Federal Reserve in Atlanta is forecasting 4.5 percent growth in the second quarter, which would be the best showing since 5.2 percent in the third quarter of 2014.

Gross domestic product fell in the first quarter on lower consumer spending, which is about 70 percent of the economy, fewer exports and lower business inventories.