The second presidential term of Donald Trump, which commenced in 2025, has been characterized by the introduction of new economic plans concerning trade, immigration, and the federal workforce. Reports track various data points, including employment figures, inflation trends, and shifts in immigration enforcement and public sentiment during this period.
Economic Landscape
During the first year of the second term, the economy experienced a surge in the tariff rate, continued consumer spending, and the departures of numerous federal workers. Observations indicated low hiring rates, with job growth exhibiting a slow pace. Conversely, White House spokesperson Kush Desai reported that in one year, the administration achieved private sector job creation and accelerating GDP growth.
Inflation remained elevated, although it was reported to be lower than prior peaks. Desai stated President Trump aimed to address what he described as "Joe Biden's economic disaster of runaway inflation and anemic growth," and reported that the administration had cooled inflation.
Household electricity and natural gas prices increased, with electricity prices rising by nearly 5% on average, while gasoline prices decreased. The S&P 500 stock market index recovered after an initial period of tariff uncertainty, reaching new record highs.
Economist Elizabeth Renter of NerdWallet commented that uncertainty stemming from actual or potential policy changes affected consumers, job seekers, and small to midsize businesses. Renter described 2025 as involving considerable "guesswork" and difficulties in interpreting economic statistics, making predictions about the economy's trajectory challenging. Jason Draho, head of asset allocation Americas for UBS Global Wealth Management, suggested that the pace of economic change might slow in the subsequent year. Draho indicated that policies expected to have the most substantial economic effects, such as tariff adjustments and tax cuts from the "One Big Beautiful Bill," were largely implemented or announced in the first year. He characterized subsequent announcements in 2026, including a credit card interest rate cap and proposals for Fannie Mae and Freddie Mac to purchase mortgage-backed securities, as adjustments with limited overall macroeconomic impact.
Kush Desai also reported that the administration secured over a dozen new trade agreements and historic drug pricing deals within its first year.
Immigration Policy and Enforcement
Changes in immigration enforcement resulted in individuals without criminal histories becoming the largest group in immigration detention. Additionally, the administration suspended visa processing for people from 75 countries, including nations that had high visa issuance rates in 2024. New immigration-related economic plans were noted during this period.
Public Opinion
Public approval ratings for the Trump administration showed a consistent decline during this term.