After Trump’s First 100 Days, The Best Is Yet To Come On Taxes, Trade And Immigration As President Promises Biden ‘Overhang’ Will Pass
https://dailytorch.com/2025/04/after-trumps-first-100-days-the-best-is-yet-to-come-on-taxes-trade-and-immigration-as-president-promises-biden-overhang-will-pass/
President Donald Trump’s reacted on Truth Social on April 30 to the latest data from the Bureau of Economic Analysis showing a slight 0.3 percent, annualized decrease of the Gross Domestic Product in the first quarter of 2025 that ended on March 31 prior to the President’s April 2 announcement of reciprocal tariffs suggesting that there is a “Biden overhang” in the economy. He’s got a point. Under former President Joe Biden, the U.S. economy saw peak inflation at 9.1 percent in June 2022, and subsequent, unsurprising increase of unemployment from 5.7 million in January 2023 to 7 million now, a 1.3 million increase. The first signals of a slowdown or recession came in 2022 when the spread between 10-year and 2-year treasuries first inverted, and then the signal for higher unemployment came in 2023 when the inversion began narrowing until the yield curve normalized in 2024. Interest rates are dropping, with 10-year treasuries down to 4.18 percent as of this writing amid a flight to safety as the dollar strengthens. Oil is trading down to $59.53 and so too are other commodities dropping. All of this projects not just lower inflation expectations, but lower growth expectations on the horizon. So, the U.S. economy could be in for a bumpy ride in the near-term. But as President Trump stated, “This will take a while…” but that after that, “when the boom begins, it will be like no other.”
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