The economy grew 0.7% in first quarter - the weakest growth in three years. 

This is according to a report by the Bureau of Economic Analysis on Friday, one day before President Trump's 100th day in office.

Economists were expecting a 1.1% rise.

Even though economic growth in first quarter is traditionally weak, the lackluster data may bolster the Trump administration's push for a corporate tax cut to 15%. This was unveiled on Wednesday by Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn. Both previously worked at Goldman Sachs (GS) - Get Goldman Sachs Group, Inc. (GS) Report .

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The U.S. has the highest corporate tax rate of any nation.

"Anything that happens on the tax cut side could be huge," said Ryan Payne, president of Payne Capital Management, adding that capital expenditures could pick up if companies are paying less in taxes. 

Consumer spending during the first quarter rose 0.3%, despite rising consumer confidence during the quarter, adding to the divergence seen between soft and hard economic data. 

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