A lone evergreen tree rises above a sea of clouds beneath a clear blue sky

Illustration: Daniel Lievano

May 18th 2026|Washington, DC|7 min read

SINCE DONALD TRUMP took office in January last year, America’s economy has continued to be the envy of the world. In 2025, while Britain, France and Japan eked out annual GDP growth of around 1%, and Germany all but stood still, American output grew by 2.1%. In the past 15 months American stockmarkets have broken record after record. And all this even as the president has unleashed seemingly anti-growth policies like mass deportations of migrant workers and chaotic trade wars.

Signage for Mizuho Bank Ltd., a unit of Mizuho Financial Group Inc. (MHFG), at one of the bank's branches in Tokyo, Japan.

How much is Donald Trump costing America’s economy?