After two quarters of expansion above 3 percent, US gross domestic product slowed to 2.6 percent in the final three months of last year, held down by a big jump in imports, the Commerce Department said Friday in presenting a first estimate.

Imports, which subtract from GDP, rose by 13.9 percent in the November-to-December period, marking the largest quarterly increase in more than seven years.

The fourth-quarter figures mean that growth for the whole of 2017 comes in at 2.3 percent, up from 1.5 percent in 2016, but far below President Donald Trump's 3-percent goal.

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Impact of tax breaks

However, the figures do not reflect an anticipated boost to economic activity from massive US tax cuts enacted last month, although preliminary forecasts suggest additional growth may be modest.

Trump rose to power a year ago on a nationalist economic agenda, seeking to energize expansion by revitalizing manufacturing at home and attacking bilateral trade deficits while slashing taxes and regulation and limiting immigration.

Making the case for his "America first" vision at the World Economic Forum in Davos, Trump said Friday "the world is witnessing the resurgence of a strong and prosperous America," which is "open for business."

hg/jd (AP, AFP, Reuters)