\n An initial reading of third-quarter gross domestic product showed the US economy expanded at an inflation-adjusted annualized rate of 4.3%, a far faster pace than the 3.8% recorded in the second quarter, according to Commerce Department data released Tuesday. That\u2019s the fastest growth rate in two years.\n <\/p>\n
\n An acceleration in consumer spending, up 3.5% from 2.5% in the second quarter, and exports, up 8.8% from -1.8% in the second quarter, were the main contributors to the third-quarter GDP reading.\n <\/p>\n
\n President Donald Trump said Tuesday the report was a reflection of his sweeping tariffs, which he increased substantially during the third quarter. However, a pending Supreme Court case<\/a> could nullify many of the tariffs he\u2019s enacted and potentially result in large refunds to importers.\n <\/p>\n \n \u201cThe TARIFFS are responsible for the GREAT USA Economic Numbers JUST ANNOUNCED\u2026AND THEY WILL ONLY GET BETTER!\u201d Trump wrote on his social media platform. \u201cAlso, NO INFLATION & GREAT NATIONAL SECURITY. Pray for the U.S. Supreme Court!!!\u201d\n <\/p>\n \n While Trump has frequently pushed for the Federal Reserve to lower rates<\/a> in order to boost the economy, Tuesday\u2019s report likely gives the central bank even less reason to cut rates when it reconvenes next month.\n <\/p>\n \n The GDP report is akin to a bird\u2019s-eye view of the economy. From that perspective, the economy looks like it\u2019s on solid footing. But zooming in further reveals a less rosy view.\n <\/p>\n