How is the economy after Trump's first 100 days?

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WASHINGTON – President Donald Trump is expected to reflect on the state of the economy Tuesday as he marks his first 100 days in office.  

So far, economic reports have mostly seemed to show the U.S. economy is still growing, though at a weaker pace. 

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On Wednesday, economists expect a report to say U.S. economic growth slowed to a 0.8% annual rate in the first three months of this year, down from a 2.4% pace at the end of last year.

Trump’s approval rating on the economy stands at 38% in the Fox News poll, with just a third of respondents approving of the job he is doing handling inflation and tariffs.

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Is the US still dealing with inflation?

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Dig deeper:

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Inflation has been falling since a peak of 9.1% in 2022. 

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It was at 3% in January, the month Trump was inaugurated, and 2.4% in March. 

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“We already solved inflation,” Trump boasted. But the Federal Reserve warned that the president’s tariff plans will most likely lead to higher prices by taxing foreign imports.

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In March, The Federal Reserve kept its benchmark interest rate unchanged and signaled that it still expects to cut rates twice this year even as it sees inflation staying stubbornly elevated.

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Fed Chair Jerome Powell, at a news conference, said that President Donald Trump’s tariffs have started to push up inflation and would likely stall the progress the central bank has seen in reducing inflation since its peak in 2022.

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What they’re saying:

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Powell added that the Fed still expects inflation to get back to nearly 2% by the end of next year. Tariffs could just create a one-time increase in prices, he said, rather than an ongoing boost to inflation. And in some cases, the Fed can simply “look through” a temporary price rise, rather than respond by raising rates, Powell added.

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Consumer price index shows inflation remains a problem

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By the numbers:

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Consumer prices rose just 2.4% in March from a year earlier, the Labor Department said, down from 2.8% in February. That is the lowest inflation figure since September.

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Excluding the volatile food and energy categories, core prices rose 2.8% compared with a year ago, down from 3.1% in February. That is the smallest increase in core prices in nearly four years. Economists closely watch core prices because they are considered a better guide to where inflation is headed.

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On a monthly basis, prices actually fell 0.1% in March, the first monthly drop in nearly five years. Core prices rose just 0.1% in March from February.

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RELATED: Trump says he won’t fire Fed chair, days after hinting otherwise and triggering market dip

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Used car prices dropped 0.7% from February to March, the government said. The cost of auto insurance fell 0.8%, welcome relief for car owners, though insurance costs are still up 7.5% compared with a year ago.

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The cost of groceries, however, jumped 0.5% last month, the report showed, as egg prices leapt 5.9% to a new record average price of $6.23 a dozen. Clothing prices rose 0.4%, though they have increased little in the past year.

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Consumers will likely see some prices rise because of the existing duties, including the massive tariffs on China. The United States imports more than $60 billion of iPhones and other mobile phones every year from China, as well as massive amounts of clothes, shoes and toys.

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Tariffs continue to plague economy 

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Dig deeper:

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Trump made no secret of his fondness for tariffs or his conviction that other countries were ripping off the United States in international trade. “I will impose across-the-board tariffs on most foreign-made goods,” he said in the campaign.

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He’s followed through, big time, though with frequently changing caveats.

Trump began by escalating tariffs on Canada, Mexico and China, ostensibly as punishment for allowing fentanyl into the U.S. Then he announced even more widespread taxes on foreign imports on April 2, part of what he described as “Liberation Day.” Trump retreated from parts of that plan, choosing to pursue negotiations instead, but he left in place tariffs on China as high as 145%.

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The stock market has whipsawed from the hefty import taxes and the erraticism in their application. Trump has shown more tolerance for market chaos than in his first term.

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EconomyDonald J. TrumpPoliticsConsumerDonald J. TrumpNews