Economists braced for the worst when President Trump announced his tariff plan in April, yet the U.S. economy remained resilient. Inflation has defied the worst of expectations so far, but weakness in the July jobs report showed a weaker labor market and slower GDP growth in the first half of 2025 have raised red flags.

WSJ explains why the economy’s strength could be tested in the coming months.

Chapters:
0:00 Trump’s economy
0:36 Tariffs
1:37 Inflation
2:35 GDP
3:21 Jobs
4:22 What’s next?

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