This is Trump’s economy, two years in

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President Donald Trump’s third year in office begins with the federal government shut down, global growth slowing, and a stock market in turmoil. The economic policy decisions of the first half of his term accelerated growth in 2018, but most forecasts show that momentum evaporating going forward.

An enormous tax cut and continued spending growth added rocket fuel to a slow recovery that started in 2010 in the wake of the financial crisis. At the same time, an array of tariffs have upended supply chains and raised prices, throwing businesses into a fog of uncertainty.

A year ago, Trump could still have laid blame for the condition of the economy on his predecessor. Today, it’s his to own, for better or worse.

“Net-net we’re doing slightly better, especially in the short run, because the fiscal stimulus probably has greater upside weight than the negatives, which tend to be longer lasting and more prolonged,” says Greg Daco, chief US economist at Oxford Economics. “The economy has really eaten its cake, and doesn’t have much left on the table.”

Here are the major ways the Trump administration has impacted the economy so far.

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