Mystery of the Strong Economy Has Finally Been Solved

The Trump economy doesn't look so hot after all. This morning, the Bureau of Labor Statistics released revised data showing that, over the past three months, the U.S. labor market experienced its worst quarter since 2010, other than during the first year of the coronavirus pandemic. The timing was awkward. Hours earlier, President Donald Trump had announced a huge new slate of tariffs, set to take effect next week. He'd been emboldened by the fact that the economy had remained strong until now despite economists' warnings-a fact that turned out not to be a fact at all.