Six months into his comeback term, Donald Trump has taken full ownership of the US economy. For better or worse, his party must now sell it to voters.
The president has hailed the world’s “hottest” economy – and found others to blame for any wobbles. When Friday’s jobs report showed a dramatic slowdown in hiring, he fired the head of the agency that published it. He’s pinned some frustrations on his predecessor Joe Biden, and continues to berate the Federal Reserve for what he considers too-high interest rates.
But for political purposes, his takeover has now been cemented — after passage of the “One Big Beautiful Bill” tax-and-spending law, and the latest phase of his global tariff rollout. Commerce Secretary Howard Lutnick trumpeted the transition: “The Trump Economy has officially arrived,” he posted on social media.
US Economy Slowed Down in First Half of 2025
Average annualized rate of GDP growth
The question is whether Americans like it. Next year Trump’s economic record will be on the midterm ballot. Polls suggest voters are unhappy with the tariffs and tax plans — potentially giving Democrats an opening. The loss of GOP majorities in Congress could stall Trump’s legislative agenda and expose him to impeachment efforts, as it did in his first term.
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