As Trump reignites a trade war and faces a bond market revolt, the economy is about to go through the ringer this week

By week’s end, it’ll be much clearer how the US economy is holding up amid President Donald Trump’s sweeping policy changes.

By week’s end, it’ll be much clearer how the US economy is holding up amid President Donald Trump’s sweeping policy changes. Trump’s erratic trade war has already unsettled consumers and taken a toll on economic growth — mostly due to American businesses rushing to stock up on imports. And his “big, beautiful” tax bill currently moving through Congress, which is expected to dramatically widen the country’s deficit, has roiled the bond market. But what matters for the underlying health of the broader economy is whether demand — for goods, services and homes — continues to chug along or fall off a cliff in the face of persistently elevated uncertainty, rising borrowing costs and higher prices. New data due this week should give Wall Street and the Federal Reserve a better sense of the unfolding fallout of Trump’s policies, including two new consumer surveys, a revised estimate of economic growth in the first quarter and fresh figures on consumer spending. Market observers will also get some clues on what it all means for the Fed, with several officials slated to give public remarks throughout the week. Last week, Trump reignited trade tensions by threatening a 50% tariff on the European Union and a 25% duty on Apple and other smartphone makers like Samsung. (He delayed the EU tariffs on Sunday.) The US House of Representatives also passed Trump’s tax bill, sending it to the Senate, which is expected to make some changes. Fresh figures this week will show how Americans have been feeling recently, known as soft data, and how consumers and businesses have been spending, referred to as hard data.