Donald Trump's Second Term and the Economy

Buyers of new vehicles assembled in the U.S. could boost their tax refunds by hundreds of dollars through a new tax deduction for auto loan interest.

The Budget Lab at Yale has been tracking the economic impacts of the Trump administration’s tariffs since shortly after “Liberation Day” in 2025.

It’s been a confusing ride. Here’s a timeline of what is happening and what tariffs are currently in place.

The Supreme Court released a decision Friday finding that the president does not have the authority to impose tariffs under the International Emergency Economic Powers Act.

Wholesale inventories ticked up just 0.2% in December compared to the month before. It’s a sign inventories have stabilized since widespread tariffs were enacted last year.

The small suburban city is often referred to as ‘Katyzuela’ because of its large Venezuelan population. Its residents are feeling the effects of Trump administration policies on Venezuelan oil and immigration.

The U.S. imported more goods and services than it exported — around $70 billion worth — in December, according to new data from the U.S. Bureau of Economic Analysis.

A report from the JPMorgan Chase Institute looked at the impact of President Donald Trump’s tariffs on companies that often don’t have the same flexibility as larger firms to switch up their supply chains.

Areas of the country that recently experienced the largest slowdowns in unauthorized immigration also saw the largest slowdowns in employment growth.

Under the Trump administration, the government has rescinded research funding, changed vaccine recommendations, and refused to review Moderna’s new mRNA flu vaccine. That could set vaccine research and development back for years.