President Donald Trump on Wednesday hailed the news that the U.S. economy marked a rebound in the second quarter of the year, and renewed his call for Federal Reserve Chair Jerome Powell to lower the nation’s interest rates.
“2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED!” Trump said on his Truth Social page. “‘Too Late’ MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!”
Bloomberg reported that the rebound came after an increase in consumer spending, along with a drop in imports after the push earlier this year to purchase foreign goods before Trump’s tariffs kicked in.
Preliminary government data released Wednesday showed that inflation-adjusted gross domestic product increased by an annualized 3% after shrinking at a 0.5% rate in the previous period.
The Bureau of Economic Analysts report further showed that net exports added 5 percentage points to the GDP, after subtracting the most on record in the first three months of 2025.
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