Less than six months into his second term, President Donald Trump and his team have managed to inflict substantial damage on the US and global economy. From deploying often-violent, hooded ICE agents against immigrants – both legal and undocumented, many of whom are employed in key industries – to imposing or threatening large tariffs and indiscriminately firing government staff, the administration has introduced profound uncertainty and volatility, undermining business and consumer confidence.It is worth remembering that Trump inherited a strong economy with robust GDP and job growth and declining inflation. In its year-end 2024 forecast, the US Federal Reserve anticipated continued growth at 2.1% and inflation declining to 2.5% in 2025. Three months later, these projections had dropped to 1.7% growth and 2.7% inflation. Most forecasters – from the Conference Board to the International Monetary Fund – agree that the US economy will slow significantly, with growth landing somewhere between 1.4% and 2%, and global growth falling from 3.3% in 2024 to 2.3% in 2025.
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