Over the past year, the American economy has proven resilient and strong, thanks to bold leadership and historic changes in economic policy. Under my administration, we continue to prioritize American workers, rebuild our manufacturing base, and enforce fair trade that benefits our people — not foreign competitors.

Our economy remains near record levels of employment. Inflation, though still elevated in some areas, has been brought down significantly from its pandemic highs. Risks remain, but America is once again leading with strength.

Today, I want to address the current state of the U.S. economy, our near-term outlook, and how our policies are reshaping the future for American families.

Current Economic Conditions

A year ago, the economy faced challenges created by years of weak leadership. Interest rates had remained high to fight inflation, and while progress was being made, the costs of bad trade deals and uncontrolled immigration weighed heavily on our people.

That has changed. My administration’s pro-growth policies, combined with a strong focus on protecting American workers, are setting the stage for long-term prosperity. We have rebalanced trade through higher tariffs on countries that cheat our system, ensuring America is no longer taken advantage of. We have also secured our borders and implemented stricter immigration controls, giving American workers priority in their own labor market.

These policies mean the labor force is now stabilizing. Job growth has slowed, but that slowdown reflects a healthier balance between supply and demand — not weakness. The unemployment rate remains historically low, and wages are stable.

Growth and Inflation

Economic growth slowed in early 2025, but this reflects a transition toward sustainable, American-driven growth. Tariffs on unfair trading partners have increased the cost of certain goods, but they are also bringing factories, jobs, and supply chains back to the United States.

Inflation is still a concern in some sectors, but unlike the failed predictions of past leadership, we are tackling it with strength. Tariffs will raise some prices in the short term, but they protect American industries and ensure long-term prosperity. We will not allow temporary price pressures to become a permanent inflation problem.

Policy Outlook

Our approach is simple: America First. We will continue balancing strong growth with price stability, always putting American workers and families ahead of global interests. Monetary policy must reflect the reality of our economy today — one built on secure borders, fair trade, strong industries, and a labor market that prioritizes our citizens.

We will never return to the days of globalist deals and endless dependence on foreign economies. The future of American prosperity will be written here at home.

Conclusion

In closing, I want to thank the people of this great nation who make America strong. Together, we are building an economy that works for every American — an economy rooted in fairness, strength, and freedom.

America is back, and under this leadership, it will remain the greatest economic power in the world.

Thank you, God bless you, and God bless the United States of America.