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US growth rate at three-year low

The US economy slowed dramatically in the first three months of the year, according to official data. GDP expanded at an annual rate of 0.7% in the first quarter - the slowest rate since the first quarter of 2014.

It will be unwelcome news for President Donald Trump who, during his election campaign, made a pledge to raise growth to 4%. In a bid to fulfil that promise, on Wednesday the White House proposed slashing the rate of corporation tax.

Treasury Secretary Steven Mnuchin unveiled President Trump’s tax blueprint, which aims to cut the business tax rate from 35% to 15%.

The plan also proposed an incentive for companies to bring back money held overseas and a cut in tax rate for individuals, although the plans were light on detail.