Donald Trump’s Economic Reckoning
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The US economy is growing at a similar rate under Donald Trump's presidency as it did under Joe Biden, despite Trump's promise of rapid growth. Trump's policies, including high tariffs and erratic budget management, have contributed to inflation and a lackluster economic performance.
The US economy is growing at a rate of around 2 percent, similar to the rate under the Biden administration. Consumer price inflation is expected to reach 4 percent by the end of the year, higher than the 3 percent inherited from Biden. Trump's aggressive import tariffs, raised to their highest level in 100 years, have not improved the trade deficit and have contributed to inflationary pressure. A New York Federal Reserve Study found that over 90 percent of the cost of those tariffs is borne by US companies and households. Trump's erratic policy management and decision to start a war against Iran have also played a role in the economy's lackluster performance. The Yale Budget Lab estimates that the tariffs will add around 1 percentage point to US consumer price inflation.
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