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Trump Hit by Humiliating Economic Bombshell
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President Donald Trump’s war in Iran has caused an economic mini-disaster, according to new data.
The U.S. economy took a hit in the second quarter, slowing to an annualized growth rate of 1.5 percent as Trump’s conflict hammered energy markets, fractured supply chains, and drove up everyday costs.
Before Thursday’s GDP report, most economists expected the economy to grow by about 2 percent to 2.1 percent at an annualized rate in the second quarter, so the 1.5 percent growth rate represents an unwelcome economic surprise.
But despite the conflict and the economic chaos it creates, consumer spending and business investment, particularly tied to the artificial intelligence boom, remain somewhat resilient.
Earlier this year, the Trump administration rolled out tariffs ranging from 10 to 12 percent on goods from more than 80 countries.