When Donald Trump took office six months ago, economic forecasters held their breath.
The president had promised a radical political and economic agenda for his second term: a broad crackdown on migration that threatened labour supply, a dramatic downsizing of the federal government, and a new tariff regime with negative implications for growth and inflation.
But even as the US president has ripped up the policy rule book in the first half of this year, the world’s biggest economy has proved to be surprisingly resilient.
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