President Donald Trump and his economic team, led by Treasury Secretary Scott Bessent, are delivering a solid economic performance so far in 2026: Real GDP growth rate of 2.5% and 2.2% per annum in the first and second quarters, respectively; core inflation rate (excluding food and energy) of 3.9% and 3.3% per annum, respectively; and unemployment rates of 4.1% for both quarters. Certainly, these figures are better than the International Monetary Fund’s July 2026 projections for the American economy.

These strong results were turned in despite the Trump administration’s three own goals: a tariff war with China and the rest of the world, a proxy war with Russia with respect to Ukraine, and a hot war against Iran. Not surprisingly, the combined impact of this own-goal hat-trick has been a sharp spike in food and energy prices, which caused the overall inflation rate to increase sharply to 4.2% and 5% per annum for the first and second quarters, respectively. This represents a direct hit to the average American’s pocketbook, leaving them wondering whether the president cares.