AmiSight 7/28: Despite Tariffs, Economy Is on the Upswing

Ami Kassar
Jul 28
1 min read

Although there were fears that Trump’s tariffs would send the economy into a freefall, that doesn’t appear to be happening. In fact, consumers are spending again, and the economy is on the upswing.

The Wall Street Journal reports that the stock market is reaching record highs, the University of Michigan’s consumer sentiment index has begun climbing again after tumbling in April to its lowest reading in nearly three years, and retail sales are exceeding economists’ forecasts. JPMorgan Chase reported unexpectedly strong earnings and said its economists are no longer expecting a recession.

The U.S. economy isn’t completely out of the woods, however. Growth remains subdued. Inflation—while down from pandemic peaks—is still higher than the Federal Reserve would like. Manufacturing activity shrank for the fourth straight month in June, and immigration raids are dampening spending among Hispanic consumers.

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