Fresh economic indicators suggest the post-pandemic surge in U.S. growth is losing steam as a combination of steep import tariffs, tighter immigration rules and political pressure on the Federal Reserve weighs on output. Analysts say the policy mix is eroding business confidence and trimming household purchasing power. Corporate earnings mirror the slowdown. While large banks and technology groups continue to post strong results, consumer-facing manufacturers and retailers such as General Motors and Nike have reported sharp profit declines. Goldman Sachs estimates that American companies are absorbing roughly three-fifths of the cost of President Donald Trump’s duties, eroding margins that had proven resilient against higher interest rates and lingering inflation. Equity markets are displaying an unusual bifurcation. The ten largest companies now account for a record 40 % of the S&P 500’s market capitalisation, eclipsing the 27 % concentration seen at the dot-com peak in 2000. Technology and tech-related shares represent about 55 % of the total U.S. stock market, fuelling concerns that market gains are increasingly reliant on a narrow cohort of firms even as the broader economy cools.