Trump’s economy at 18 months: shocks, resilience, and a labor market that blinked

A report released July 24, 2026, by the Democratic Joint Economic Committee puts numbers to what many households already feel. Families in Virginia are paying an average of $2,900 more per year as a direct result of tariffs and related policy changes. That $2,900 breaks down into nearly $650 in additional housing costs, plus elevated prices on groceries and electricity. U.S. GDP grew at a 2.1% annualized rate in the first quarter of 2026. Inflation is running between 3.0% and 3.8%, which is above the Federal Reserve’s 2% target. June 2026 produced only 57,000 new jobs. The unemployment rate sits at 4.2%. The Trump administration has attributed economic resilience to pro-growth tax relief and deregulatory measures. The S&P 500 has risen roughly 22.5% since Trump’s inauguration in January 2025. Financial disclosures for 2025 show the Trump family reported over $1.4 billion in crypto-related income. Bitcoin reached nearly $126,000 in October 2025 and had pulled back to approximately $60,000 in early 2026, a drop of more than 50% from that high. Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy....