President Donald Trump on Tuesday credited his tariffs with producing better-than-expected economic numbers in the third quarter and added that the “Trump Economic Golden Age is FULL steam ahead.”
In a pair of Truth Social posts, Trump said “The TARIFFS are responsible” for the “GREAT USA Economic Numbers” and declared there is “NO INFLATION & GREAT NATIONAL SECURITY,” while urging supporters to “Pray for the U.S. Supreme Court!!!”
He also touted the Commerce Department’s reported 4.3% growth rate as proof that “Good Government, and TARIFFS” are powering what he called a “Trump Economic Golden Age.”
The government’s initial estimate showed U.S. gross domestic product — the broadest measure of economic output — rose at a 4.3% annual pace from July through September, up from 3.8% in the second quarter and well above the roughly 3% forecast tracked by FactSet.
The report credited stronger consumer spending, higher exports, and increased government outlays for the jump.
Trump seized on those details, arguing that tariffs are boosting domestic production and rebalancing trade.
In his second post, he claimed consumer spending is “STRONG,” “Net Exports are WAY UP,” and “Imports and Trade Deficits are WAY DOWN,” adding that investment is “SETTING RECORDS” because of his tax package — which he labeled “THE GREAT BIG BEAUTIFUL BILL” — and tariff policy.
Consumer spending grew at a 3.5% annual rate in the third quarter, up from 2.5% in the prior period, while exports surged and government spending also increased.
Barron’s similarly noted exports jumped sharply and that business investment improved compared with the prior quarter, even as analysts warned trade flows can be temporarily distorted by shifting tariff expectations.
Still, inflation remains a key political and economic pressure point. The Federal Reserve’s preferred inflation gauge, the personal consumption expenditures (PCE) price index, rose at a 2.8% annual pace last quarter, with core PCE at 2.9%, both above the Fed’s 2% target.
That dynamic could complicate the central bank’s next steps on interest rates.
The GDP report was also released later than originally scheduled because of a recent government shutdown, which created a backlog of federal economic data.
The shutdown is expected to weigh on fourth-quarter activity, with estimates suggesting it could shave 1 to 2 percentage points off growth in the current quarter.
Trump allies argue the headline growth number validates an “America First” approach: Use tariffs to pressure adversaries, protect U.S. industry, and drive investment back home.
