Trump declares 'economic golden age' after strong 4.3% Q3 GDP growth

WASHINGTON, DC: President Donald Trump on Tuesday, December 23, celebrated a sharp rise in US economic growth, declaring that his tariff-driven trade policies had ushered in what he called an “Economic Golden Age.”

Reacting to the latest gross domestic product figures, Trump took to Truth Social to praise his administration’s approach, saying tariffs were directly responsible for the stronger-than-expected performance.

“The TARIFFS are responsible for the GREAT USA Economic Numbers JUST ANNOUNCED…AND THEY WILL ONLY GET BETTER!” Trump wrote. “Also, NO INFLATION & GREAT NATIONAL SECURITY. Pray for the US Supreme Court!!!”

Trump’s comments come as the Supreme Court considers a legal challenge to his authority to unilaterally impose tariffs, with oral arguments heard last month.

Trump celebrates the growing economy and takes credit  

In a follow-up post, Trump boasted that third-quarter growth blew past expectations, arguing that consumer spending, exports and investment all reflected the success of his policies.

“Q3 GDP came in at 4.3%, BLOWING PAST expectations of 3.2%. 60 of 61 Bloomberg Economists got it WRONG, but 'TRUMP', and some other Geniuses, got it right. The SUCCESS is due to Good Government, and TARIFFS,” he said.

“Consumer spending is STRONG, Net Exports are WAY UP, Imports and Trade Deficits are WAY DOWN, and there is NO INFLATION!" he wrote.

"Because of my Tax Bill (THE GREAT BIG BEAUTIFUL BILL) and TARIFFS, INVESTMENT IS SETTING RECORDS. The Trump Economic Golden Age is FULL steam ahead 'You haven’t seen anything yet!'" the president added.

He followed this up with another lengthy post about the economic growth and impact on markets, saying that the "financial news today was great." 

GDP growth beats expectations

According to data released by the Department of Commerce, the US economy grew at an annualized rate of 4.3% between July and September, marking the strongest quarterly expansion in two years.

Since Trump returned to office, the economy has expanded at an average annual pace of 2.5%, roughly in line with the 2.4% average recorded in 2024 during the Biden administration.

The report showed that underlying demand from businesses and consumers remained solid, with a core measure of private-sector demand ticking up slightly in the third quarter.

Consumer spending rose while investment showed mixed signals

Consumer spending accelerated to a 3.5% annual growth rate in the third quarter, up from 2.5% in the previous period, providing a major boost to overall output.

Business investment, however, showed mixed signals. Overall business spending slowed to a 2.8% pace from 7.3% in the prior quarter.

Investment in equipment and intellectual property, including artificial intelligence-related spending, rose at a 5.4% annual rate, though growth in both areas was moderate compared with earlier in the year.

Trade boosts headline growth as inflation ticks higher

Trade made a significant contribution to the headline GDP figure, adding roughly 1.59 percentage points as exports surged and imports continued to fall, narrowing the trade deficit, an outcome Trump has repeatedly cited as evidence of tariff success.

Inflation excluding food and energy rose at a 2.9% annual rate. The Federal Reserve, chaired by Jerome Powell, is targeting a long-term inflation rate of 2%.