President Donald Trump on Wednesday hailed the news that the U.S. economy marked a rebound in the second quarter of the year, and renewed his call for Federal Reserve Chair Jerome Powell to lower the nation's interest rates.
"2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED!" Trump said on his Truth Social page. "'Too Late' MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!"
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Bloomberg reported that the rebound came after an increase in consumer spending, along with a drop in imports after the push earlier this year to purchase foreign goods before Trump's tariffs kicked in.
Preliminary government data released Wednesday showed that inflation-adjusted gross domestic product increased by an annualized 3% after shrinking at a 0.5% rate in the previous period.
The Bureau of Economic Analysts report further showed that net exports added 5 percentage points to the GDP, after subtracting the most on record in the first three months of 2025.
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Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.