How much is Donald Trump costing America’s economy? 

SINCE DONALD TRUMP took office in January last year, America’s economy has continued to be the envy of the rich world. In 2025, while Britain, France and Japan eked out annual GDP growth of 1%, give or take, and Germany all but stood still, American output grew by 2.1%. In the past 15 months American stockmarkets have hit one all-time high after another. All this has happened even as the president has unleashed seemingly anti-growth policies like mass deportations of migrant workers and chaotic trade wars.