President Donald Trump fired off a series of posts on his Truth Social platform bragging about the state of the economy under his trade war — only for his boasts to be immediately shattered by a "damning" new economic analysis published hours later, reported The Daily Beast on Tuesday morning
"Because of Tariffs, our Economy is BOOMING!" Trump wrote. He then followed up with re-posted a previous entry saying, "With the help of Patriots like you, we're going to produce our own metal, unleash our own energy, secure our own future, build our Country, control our destiny and we are once again going to put Pennsylvania steel into the backbone of America like never before!"
But that's not really true, said a new analysis by the Paris-based OECD, first reported by Bloomberg News.
According to the new report, due to rising trade costs imposed by Trump's trade war and rising uncertainty among producers and consumers, economic growth is expected to fall from 3.3 percent in 2024 to 2.9 percent this year — and the United States will fare even worse, going from 2.8 percent last year to 1.6 percent this year.
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Alvaro Pereira, the OECD's chief economist, said, “Weakened economic prospects will be felt around the world, with almost no exception. Lower growth and less trade will hit incomes and slow job growth.”
Trump's tariffs, which impose massive new taxes on imported goods from virtually everywhere in the world, have been gradually dialed back on a temporary basis, prompting investors to mock Trump with the phrase TACO, or "Trump Always Chickens Out" — but they are still vastly higher than they were before he took office, which has some economists fearful of not just reduced growth but an outright recession.
Even some Republicans are becoming fearful of the impact of the president's tariffs, which he insist will spur domestic production.
