"CLAIM: "Just over one year ago, we were a 'DEAD' country. Now, we are the 'HOTTEST" country anywhere in the world!' '' THE FACTS: This is a standard statement from Trump. But the U.S. economy was hardly "dead'' when Trump returned to office last year. And in Trump's second term, it's performed strongly - after getting off to a bumpy start."
"In 2024, the last year of the Biden presidency, American gross domestic product grew 2.8%, adjusted for inflation, faster than any wealthy country in the world except Spain. It also expanded at a healthy rate from 2021 through 2023. The numbers for all of 2025 aren't out yet. But during the first three quarters of the year, Trump's tariffs - or the threat of them - delivered mixed results for the American economy."
Tariffs were credited with igniting U.S. economic growth, but evidence shows mixed effects across 2025. U.S. GDP grew 2.8% in 2024, outpacing most wealthy countries. In early 2025 GDP contracted from January to March largely because companies accelerated imports to avoid impending tariffs, and imports subtract from GDP. Growth rebounded in the second half of 2025, expanding 3.8% from April through June and 4.4% from July through September. A significant part of the later surge reflected a drop in imports—likely due to tariffs and earlier stockpiling—combined with robust consumer spending. Consequently, attributing the entire rebound solely to tariffs would be inaccurate.
Read at Fortune
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