New economic data emerges as Trump and DOGE make waves

Americans are experiencing economic shifts under President Donald Trump, driven by new tariffs and fiscal policies.

Americans are experiencing economic shifts under President Donald Trump, driven by new tariffs and fiscal policies. Trump plans a 25% tariff on Mexican and Canadian imports, with Chinese tariffs already in place and more in progress. Commerce Secretary Howard Lutnick stated, “It is a drive to bring back manufacturing to protect our great jobs here.”

While tariffs support domestic producers, they also raise inflation concerns. Companies like Apple and Eli Lilly are investing in U.S. manufacturing, but consumer confidence is declining.“Consumers are getting a bit more worried about the future,” said Stephanie Guichard, Senior Economist at The Conference Board.

Republicans are also pushing deficit reduction. House Speaker Mike Johnson emphasized “less government, more efficiency, better return for taxpayers.” A House resolution proposes major spending cuts and tax breaks, causing internal GOP debate. “The deficit is going to go up,” warned Representative Thomas Massie, the lone Republican opposing the resolution.

Federal worker layoffs aim to reduce spending, but some analysts fear it can backfire.
“Are some firings in the federal government, which has 10 million workers, enough to cause a recession?” questioned CNN Global Economic Analyst Rana Foroohar.