U.S. real gross domestic product (GDP) increased at an annual rate of 3.0% in the second quarter of 2025, according to advance estimates released by the U.S. Bureau of Economic Analysis (BEA) on Wednesday.
In the first quarter of 2025, real GDP had decreased 0.5%, according to the BEA. The increase in real GDP in the second quarter of the year primarily reflected a decrease in imports and an uptick in consumer spending, the BEA reported.
Still, some economists expect President Donald Trump’s tariffs to negatively impact GDP growth in the coming months, the New York Times reported on Wednesday. (RELATED: Fed Offers Up Prediction That Spells Good News For Trump’s Economy)
WASHINGTON, DC – JULY 29: U.S. President Donald Trump walks across the South Lawn of the White House after returning on Marine One on July 29, 2025 in Washington, DC. President Trump returned to the White House with his family after a trip to Scotland that was part vacation, part work, as he stayed at his Trump Turnberry golf course, followed by Trump International Golf Links in Aberdeenshire, from July 25 to 29. (Photo by Anna Moneymaker/Getty Images)
“We don’t think we’ve seen the full effects from tariffs yet,” Michael Gapen, chief U.S. economist for Morgan Stanley, told the NYT. “I don’t see how we power through without a soft patch at least for a little while.”
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