Name: How Beautiful Was Trump’s Economy?
Uploaded: 2025-12-28T17:10:00Z
Duration: 6 min 56 s
Description: Journal Editorial Report: Tariffs and the Fed dominated the markets.

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"We're trying to build an infrastructure at a pace the world has never seen before," Said Mike Intrator, CEO of CoreWeave. This interview was recorded on Jan. 21, 2026, at the World Economic Forum meeting in Davos, Switzerland.

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CoreWeave CEO on the Future of the 'AI Economy'

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CoreWeave CEO on the Company's Relationship With Nvidia

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CoreWeave CEO on the Company's Data Centers

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Constellation CEO on Transmitting Energy Globally

Joseph Dominguez, President and CEO of Constellation, discussed the future of the electric vehicle industry. This interview was recorded on Jan. 20, 2026, at the World Economic Forum meeting in Davos, Switzerland.

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Constellation CEO Sees Steady Growth for EV Demand

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Constellation CEO on Trump's Plan to Cut Mid-Atlantic Electrical Bills

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Constellation CEO on What Hyperscalers Mean For the Energy System

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Although the northeast is still a “very strong market,” advisors and wealthy clients have been moving to the Southeast since Covid, says Jeff Gonyo, head of Wealth Management at Steward Partners.

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Sustainable Investing and the Wealth Transfer

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Journal Editorial Report: Tariffs and the Fed dominated the markets. Photo: Yu Fangping/Zuma Press

https://m.wsj.net/video/20251228/2a7baea7-6f1e-4fa4-9bae-74411ac65b1e/1/hls/manifest-hd-wifi.m3u8

Journal Editorial Report: Tariffs and the Fed dominated the markets.

How Beautiful Was Trump’s Economy? 

Here at home, we're bringing our economy back from the brink of ruin. I am bringing those high prices down, and bringing them down very fast. We're poised for an economic boom the likes of which the world has never seen.

That was President Trump in his year-end address to the nation, touting his administration's efforts to bring prices down and promising an economic boom ahead. But polls show Americans are in a gloomy mood as 2025 comes to a close with 72% of voters in the latest Fox News poll rating the economy as only fair or poor heading into the new year. We are back with our panel. So I guess the big question is is Trumponomics working, Mary, 4.3% growth in the third quarter? That's great, but prices still pretty high at inflation about 3%. What do you think?

Well, the economy has done much better this year than anybody anticipated. The first quarter was a contraction, but the second quarter and the third quarter growth, particularly third quarter, was very impressive. So that I think is a productivity effect. You know, I'll use AI as a shorthand, but all kinds of business investment that has come around to make, basically, businesses more productive, workers more productive, and you see that in the growth numbers. As far as whether it's working or not, I think you have two things that are pulling down on the way consumers see things. One is that you had cumulative inflation from 2021 to 2024 of like 15.7%. So consumers have not caught up, their wages haven't caught up, so they still feel like they're behind the curve. And, you know, the other problem is that people are worried about their jobs, because it seems like businesses are able to do more with fewer workers. And so, if there's a concern about labor, and I don't think there is yet, but, if there's a concern about labor, I think people start to express a gloomy outlook because they're worried, they don't feel certain that their job is gonna be there.

So, Kyle, there seems to be a push-pull effect. The push on the growth is this Big, Beautiful Bill act, the tax cuts in it, the people are gonna get big refunds next year, they'll have more money in their pockets. The stock market doing great, and people who feel richer tend to spend more. That's buoyed the economy. On the other hand, I think the tariffs are a big $300 billion or so tax increase. By any measure, taxes retard growth. Now, the question is which has the dominant impact? And so far I think the incentives for growth seem to be dominating tariffs.

Well, it depends on the industry. There are certainly industries that have been hit hard by the tariffs. President Trump recently unveiled a $12 billion bailout for farmers. Soybean farmers in particular have had trouble when China stopped buying U.S. soybeans earlier this year. Trump now says he's got a deal with Xi Jinping, and Xi Jinping is gonna be buying loads and loads of U.S. soybeans. We'll have to see if that pans out. The other problem with the tariffs, I think, is just the uncertainty. You know, you have the Supreme Court considering them, they may get struck down, President Trump may try to replace them using different tariff authorities under different laws. All of that makes it really difficult to invest, to try to figure out where you wanna build a factory, if you wanna build a factory if you are a CEO. And so I think the president needs to grapple with that issue more directly. Sometimes, he says this affordability thing is all a hoax. Sometimes, he says, you know, you only need two dolls, not 37 dolls. And I don't think that answer is gonna work in the midterms.

Another character, or trait, of this second term, Dan, on the economy is the degree of government intervention in the economy, taking stakes in companies like Intel, for example, taking a cut of Nvidia chips sold to China. Industrial policy. This isn't the normal Republican free market policy. What do you think of it?

I am not a big fan of it at all. Corporatism you could call it as well. And let's face it, Paul, if the wheel turns and the Democratic party, I mean, someone like Senator Bernie Sanders and Elizabeth Warren had to be sitting there saying to themselves, "This is a gift on a platter for us, because, when we get into power, we're just going to extend the national government's control over the economy." And the President Trump is correct. This is probably the strongest, greatest economy in the history of the world if it is allowed to function. And you create these paradoxes when you have the government trying to direct investment the way Trump has been doing. So I think he had the possibility here of creating a very, very strong economy, especially after the closures of the pandemic and the Biden inflation, but it really does depend on stepping back. And I don't think those kinds of investments in the economy are really gonna take us in the right direction.

Kim, the other big controversial debate this year was over the Federal Reserve and monetary policy, and the president's insistence that rate cuts should go down to 1% and fast. What do you make of that? Would it be good if he gets his wish from his new chairman he will appoint soon?

Well, no, Paul, and, I mean, I still believe that this remains one of the biggest risks hanging over this potential for this economy. I mean, look, Trump hasn't gotten enough credit, but inflation has been coming under control. If you think about the Biden years, this has been a very important turnaround, and vital for Americans success. I can see why the president, politically, in the right now, would like his rates to come down, and take that victory, and talk about how he's made it easier to get your mortgage and buy your house, but, if the consequence of that is that inflation gets back out of control again, that really is death to those in political office, as you can see from Joe Biden. So this is one of those areas where Donald Trump, I think because he wants what he wants, it's not necessarily thinking out the long term, or the benefits of wisdom of Fed independence.

Mary, very briefly. Is that the biggest risk for the president, inflation, do you think in the next year?

It's one of the risks. I don't know if I wanna say it's the biggest, because I think he also has this problem of too much intervention in the economy, which could basically slow, you know, investor appetite. I mean, one interesting statistic from this past week is the business investment cooled to 2.8% from 7.3% in the second quarter. That's a big cool down.