President Donald Trump has been touting his economic policies as a recipe for prosperity, but new data and expert analysis paint a very different picture. The US economy has experienced its first slowdown in three years, with analysts warning that the country is inching closer to recession.
Trump’s imposition of tariffs on foreign imports has been a major contributor to this trend. Experts say that damage has already been done, and even if tariffs were lifted tomorrow, disruptions would continue to hurt the economy. Inflation is also widely expected to rise again, with the White House struggling to acknowledge the potential consequences of its policies.
The administration’s language has veered toward the surreal, with Trump and his press secretary blaming former President Biden for the current economic numbers. However, most experts agree that the economy was already strong under Trump’s predecessor, and that his policies have caused uncertainty and paralysis among consumers and businesses.
Former U.S. House speaker Newt Gingrich, a Trump adviser, believes that there is still time for the president to course correct and implement policies that would improve the economy by summer. If Congress can pass a bill lowering taxes and improving the economy, most Americans could see their financial circumstances improved. However, it’s unclear whether Trump will be able to turn things around before his second term ends.
Source: https://www.washingtonpost.com/politics/2025/05/01/trump-economy-recession-tariffs