The United States economy may shrink by 8% of gross domestic product (GDP). This will happen if US President Donald Trump succeeds in deporting all illegal immigrants from the United States, Bloomberg reports.

Donald Trump has vowed to turbo-charge the U.S. economy, but it’s been expanding well above its typical speed for more than two years and it probably finished 2024 with another burst of strong growth.

The US merchandise-trade deficit widened in December to a record as the value of imports increased, highlighting a key issue that President Donald Trump aims to rectify in his second term.

The American economy ended 2024 on a strong note - but inflation pressure remains. The Commerce Department reported Thursday that gross domestic product — the economy's output of goods and services — expanded at 2.3 percent the annual rate from October through December.

Here are five economic forces that could shape the first year of Trump's presidency: Whipping inflation is easier said than done. President Donald Trump, along side first lady Melania Trump, speaks as he meets with homeowners affected by Hurricane Helene in Swannanoa, N.C., Friday, Jan. 24, 2025. Credit: AP/Mark Schiefelbein

Trump has said members of the military alliance should spend 5% of their gross domestic product (GDP) on defence – a huge increase from the current 2% goal and a level that no NATO country, including the United States, currently achieves. Copyright 2025 Thomson Reuters.

U.S. President Donald Trump on Thursday said he was not sure the United States should be spending anything on NATO, telling reporters the U.S. was protecting NATO members, but they were "not protecting us.

In virtual remarks to the annual meeting of the World Economic Forum in Davos, Switzerland, President Donald Trump on Thursday spouted many false or misleading economic claims. Here’s a quick rundown.

On his first day in office, US President Donald Trump, signed an executive order withdrawing the country from the World Health Organization (WHO), while arguing that "the WHO continues to demand unfairly onerous payments from the United States.

President Donald Trump said he was open to potentially ... Following Trump's demands that NATO members spend 5% of their gross domestic product, he questioned whether the U.S. should be spending ...

Facing U.S. President Donald Trump's ongoing criticism about ... NATO's military investment benchmark of two per cent of gross domestic product within two years. That accelerated timeline to ...

US president Donald Trump has signalled that all imports ... countries to increase defence spending to 5 per cent of gross domestic product. Asked about the EU’s “regulatory regime”, Mr ...