The Big Beautiful Bill highlights a broader economic concern
July 3rd 2025 | 5 minutes read
Was it merely a false alarm? The initial anxiety regarding the global economy that followed President Donald Trump’s “Liberation Day” tariffs in April has faded, giving rise to increasing optimism. Thus far, the inflationary impact of these tariffs has been minimal. Privately, business leaders now anticipate that trade disputes will lead to trade agreements rather than being pursued as an end goal. Although still subdued, surveys indicate improving confidence among businesses and consumers. The S&P 500 stock index has reached an all-time high.
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Trumponomics 2.0 will erode the foundations of America’s prosperity
The Big Beautiful Bill is symptomatic of a wider malaise n nJul 3rd 2025|5 min read n nWas it JUST a false alarm? The panic about the world economy that followed President Donald Trump’s “Liberation Day” tariffs in April has given way to growing optimism. Tariffs’ inflationary effect has so far been muted. In private, bosses say they now expect trade fights to produce trade deals, not to be an end in themselves. Surveys show that business and consumer confidence, though low, is improving. The S&P 500 index of stocks has hit a record high. n nThis article appeared in the Leaders section of the print edition under the headline “Big, beautiful…bonkers” n nFrom the July 5th 2025 edition n nDiscover stories from this section and more in the list of contents n n⇒Explore the edition n nHow A-listers are shaking up the consumer-goods business n nHailey Bieber, Rihanna and Ryan Reynolds are among a new cohort of celebrity entrepreneurs n nWilliam Ruto is taking Kenya to a dangerous place n nThe president’s authoritarian instincts are propelling a spiral of violence n nChina is building an entire empire on data n nIt will change the online economy and the evolution of artificial intelligence n nSir Keir Starmer is rapidly losing his authority n nAs well as his hope of achieving much in office n nChinese brands are sweeping the world. Good n nFrom fast food to video games, new marques are making their mark n nHow the defence bonanza will reshape the global economy n nAs they spend big, politicians must resist using one pot of money to achieve many goals