Two new pieces of economic data, one released Thursday and one released Friday, blew another hole in President Donald Trump’s triumphant narrative about the effects of his tariffs.
The figures released early Thursday showed Trump had wildly overstated the impact of the tariffs on the trade deficit. The figures released early Friday showed he also had wildly exaggerated economic growth in the fourth quarter of 2025.
The Supreme Court struck down many of Trump’s tariffs later on Friday. But other tariffs remain in place, and Trump quickly said he plans to replace the ones the court declared illegal with new tariffs under a different law.
The trade deficit was down 0.2% in 2025, not down
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