From the job market to inflation, here's how the first year of Trump's economy looked in 7 charts

"Donald Trump became president for the second time on this day in 2025. With that came a lot of new economicplans for trade, immigration, and the federal workforce. Elizabeth Renter, a senior economist at NerdWallet, said uncertainty from actual or potential policy changes affected consumers, job seekers, and small to midsize businesses. "There was a lot of guesswork happening in 2025, and then you add to that mix issues with economic statistics, and sort of reading the tea leaves to figure out where the economy is headed amidst all this change became increasingly difficult," Renter said."

"The pace of change could slow in the next year. Jason Draho, the head of asset allocation Americas for UBS Global Wealth Management, said the policies that could have the largest economic effects have already been implemented or announced in Trump's first year, including changes to tariffs and the One Big Beautiful Bill's tax cuts. Draho said that announcements so far in 2026, such as a credit card interest rate cap and wanting Fannie Mae and Freddie Mac to purchase mortgage-backed securities, are tweaks "around the edge in terms of the overall macro impact.""

Donald Trump began his second presidential term in 2025 with new trade, immigration, and federal workforce policies. Uncertainty from implemented and potential policy changes affected consumers, job seekers, and small-to-midsize businesses, complicating economic forecasting. Tariff rates rose significantly while many federal employees departed. Consumer spending remained resilient even as hiring slowed substantially. Major measures with significant macro impact—tariff changes and tax cuts under the One Big Beautiful Bill—were enacted in the first year, while 2026 announcements focused on smaller adjustments such as a credit-card interest-rate cap and proposals for Fannie Mae and Freddie Mac to buy mortgage-backed securities.

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