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.

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.

President Donald Trump has called for NATO members to significantly increase their spending on defense, suggesting a target of 5% of gross domestic product to go toward military spending. What To Know: Trump reiterated the 5% of GDP spending goal on Monday following his inauguration,

Gao’s sin? Saying that China may have grown just 2% over the last two or three years, less than half the rate Xi’s government claims. The reason Gao is allegedly being silenced is for shining a brighter-than-usual spotlight on one of the biggest perception problems facing Xi’s Communist Party: that China routinely cooks the GDP books.

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

P resident-elect Donald Trump will take the oath of office on Jan. 20 against a troubling fiscal backdrop. Since his first inauguration eight years ago, federal debt held by the public has doubled from $14.

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.

Germany met NATO's target to spend 2% of its gross domestic product on defence in 2024, the government said on Monday, though well short of incoming U.S. President Donald Trump's call for as much as 5%.

The premier of the Canadian province of Prince Edward Island warned during a visit to New Hampshire against the danger of increased taxes on trade between the United States and Canada.

Chancellor Scholz says spending 5% of GDP on defense would require Germany to allocate more than €200 billion ($204 billion) annually on military expenditures - Anadolu Ajansı

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.