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Trump's economic test

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01.04.2025
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Welcome to The Hill's Business & Economy newsletter

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Business & Economy

Business & Economy

The Big Story

Trump faces crucial week on the economy

President Trump is entering a critical week for the economy amid growing fears that his penchant for tariffs could stall growth and undercut progress on inflation.

© AP

Trump has described Wednesday as “Liberation Day,” when his administration will impose sweeping reciprocal tariffs on other nations with duties on U.S. goods.

The March jobs report will also be released Friday, providing additional data about the strength of the labor market, particularly in the wake of thousands of federal government employees being fired by the administration.

Experts described the economy as at something of a crossroads. Data about the labor market and wages have been generally positive, economists said.

But the closely watched University of Michigan Survey of Consumers issued a report Friday that found consumer sentiment dropped to its lowest point since November 2022 amid fears of rising prices that could be worsened by tariffs.

“The big question is: Do the sentiment data converge to the hard data, or do the hard data converge to the sentiment data?” said Michael Strain, director of economic policy studies at the American Enterprise Institute (AEI). “Because that divergence can’t persist for very long.

Read the full report at TheHill.com.

 

Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.

 

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