Trust and the Trump Economy

15 Aug 2025 11:38 AM

EXPERT COMMENT

Attacks on economic data and institutions risk undermining trust at a crucial moment for the US economy.

Just over six months into the second Trump administration, the White House has declared it is delivering on its promise to ‘Make America Wealthy Again.’ The economy has indeed proven resilient despite policy whiplash, but underneath exuberant markets and splashy deals, warning signs are emerging. 

As policymakers and market participants weigh vexing decisions ahead, the president has been accused of eroding confidence in vital economic data and institutions. These actions hinder efforts to understand and respond to shifting economic conditions, with ramifications for the US and global economies. 

Following a spate of self-described wins, the administration is touting the success of its ‘America First economic agenda’. Economic growth rebounded in the second quarter; major stock indexes are near records; tariff revenue jumped; and the White House announced eye-popping investment commitments from companies and trading partners. The administration has not been shy about taking credit, with Commerce Secretary Howard Lutnick proclaiming, ‘the Trump Economy has officially arrived’. But beyond framing and optics, durable results may prove elusive.

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