Donald Trump promised a "Golden Age " of prosperity for the US. One year into his second term: where do things actually stand with economic growth and jobs?

Washington

One year into President Donald Trump's second term, the US economy has experienced mixed results. Exports have increased by 2.5% compared to 2024, and the stock market has seen significant gains, with the S&P index rising above 6,000 points. However, overall economic growth in 2025 was around 2%, similar to the previous administration, and job creation has slowed, with only about 600,000 new jobs added.

The administration's imposition of broad import tariffs has reduced imports by over 3% and generated $300 billion in revenue, though this has also made some specialized goods more expensive or unavailable. Unemployment remains steady at around 4%, and inflation is just under 3%. The impact of announced foreign investments will become clearer in early 2026, with experts predicting an increase.

Where does the U.S. economy stand a year into Trump's second term?

He promised the US unprecedented growth and a new era of prosperity. The golden age of America begins right now. A year into Trump's second term, the question is, just how is the country doing economically? Where are things at in terms of growth, unemployment and new jobs? US exports are up 2.5% compared to 2024, hitting US$302 billion in October 2025 alone, higher than for a long time. Nonetheless, in 2025, the economy grew by only around 2%, no more than under Trump's predecessor, Joe Biden. So if you take the entire year, one year of Donald Trump, the growth forecasts have been very much disappointing. Meanwhile, imports into the US fell sharply in 2025 by well over 3%, which was the president's intention. Unlike his predecessors, Trump slapped import tariffs of 15% plus on almost all foreign trading partners. This has brought the US government around $300 billion in revenue. Cash that the White House says will be used to cut national debt and ease the burden on citizens by lowering taxes. But with imports now declining, so is customs revenue. Another problem is access to specialised import products, which, thanks to the tariffs, are either too expensive or unavailable. This affects everything from electrical and metal industries to chocolate producers. If the tariffs really drastically strangle my business and my affordability of running this business, then I will have to look at ending this. And when it comes to tackling the labour market too, there are precious few signs of a golden age. Unemployment has remained at around 4% since the Trump administration took office. So far, it's not improved. In 2025, only around 600,000 new jobs were created, fewer than in 2024. However, it's a different story when it comes to the stock market. Prices have seen a strong upward trend for a year, and the S&P index is well above 6,000 points. Good stock prices are important for many US citizens, as over 60% of the population invests in the market, for extra income or to prepare for retirement. The question is how much of the money earned remains in the pockets of those people. As with previous President Joe Biden, the inflation rate is just under 3%, more than the 2% recommended by the US Federal Reserve. Finally, President Trump announced a wave of investment by foreign companies in the US. It won't be possible to assess the volume of this investment in new production lines, until early 2026. Experts, however, forecast it will go up.

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Breakdown