EJ Antoni to Newsmax: Trump Economy Turns 'Bullish' in 2025

Heritage Foundation chief economist EJ Antoni said Saturday on Newsmax that President Donald Trump's economic agenda is delivering the growth gains his team promised, arguing that tax, regulatory and energy reforms are driving a sharp acceleration in U.S. economic performance as the administration closes out its first year.

Antoni said Trump's economic policies are producing results that contradict months of warnings from critics, pointing to a rapid rise in U.S. gross domestic product growth during Trump's first year back in office.

Antoni appeared on "Wake Up America Weekend," where he was asked about Trump administration claims that GDP growth has surged sharply since the fourth quarter of 2024, the final full quarter of the Biden administration.

Trump and his allies have highlighted what they describe as a nearly 79% increase in the rate of GDP growth, citing recent government estimates showing stronger quarterly expansion in 2025.

"Well, I think this is exactly what the president and his team predicted was going to happen," Antoni said. "And it's exactly the opposite of what all the doomsayers said was going to happen back in November, back in January when he took office, and back in April as well."

According to the U.S. Bureau of Economic Analysis, the economy expanded at an annualized rate of 4.3% in the third quarter of 2025. By comparison, the final full quarter of the Biden administration recorded growth of about 2.4%, a pace economists often describe as weak and vulnerable to downturns.

Antoni attributed the stronger performance to a combination of policy changes implemented by the Trump administration in its first months. He pointed to tax reform, regulatory rollbacks and an aggressive energy strategy as key drivers easing pressure on prices and supporting business expansion.

"Look, we have essentially all the dials lining up correctly here," Antoni said. "We're getting tax reform, we're getting regulatory reform. We're getting massive energy reform. That's increasing the supply of domestic energy, therefore reducing the price, putting downward pressure on prices throughout the economy."

He said regulatory reform has also played a role in lowering costs for businesses and consumers, while trade negotiations are encouraging new capital inflows.

"Regulation. Regulatory reform is also putting downward pressure on prices as well," Antoni said. "He [Trump] is making tremendous progress. He is hammering out trade deals on the international stage, securing massive amounts for investment, and investment is the real driver of long-run economic growth."

Trump has used social media to promote what he has called a new "Golden Age" for the U.S. economy, crediting tax cuts, tariffs, deregulation, and expanded domestic energy production for the rebound.

Antoni said the trend is likely to continue into next year if current policies remain in place.

"So again, when we look back on 2025, and we see the success this president has had, and we look forward to what the economy holds for 2026, almost all the dials really, truly are lining up correctly," he said.

"So that's very, very bullish."

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