Yet again(又一次), America’s economy has shown up(使相形见绌) the rest of the world. For all the chaos of the past year, its GDP has chugged along(稳步前进) merrily at 2% annual growth. True, that is hardly a blockbuster(极成功的；惊人的) pace and—like everywhere else—consumers in America are grumbling(抱怨) about high prices. But Uncle Sam’s peers(同行；同等国家) are doing much worse. In Britain, France, Germany and Japan economic growth ranges from roughly zero to about 1%. America’s outperformance(表现优于) began decades ago, but in the 2020s it has become vast(巨大的). And it is likely to last. The latest IMF(国际货币基金组织) forecasts show American growth besting the rest(胜过其他所有) all the way to 2030 and beyond.
再一次，美国经济让世界其他地区相形见绌。尽管过去一年一片混乱，其GDP仍以2%的年增长率愉快地稳步前行。诚然，这算不上惊人的速度，而且与其他地方一样，美国消费者也在抱怨物价高企。但山姆大叔的同行们表现糟糕得多。英国、法国、德国和日本的经济增长率大致在0%到1%之间。美国的出色表现始于几十年前，但在2020年代变得尤为显著。而且这种态势很可能会持续。国际货币基金组织的最新预测显示，美国的经济增长将领先其他地区直至2030年及以后。
Perhaps that makes this an odd time(不合时宜的时刻) to look at what America gets wrong. But remarkably, its world-beating performance has lately come despite a handicap(障碍；不利条件): Donald Trump’s erratic and harmful policies. Our analysis suggests that what we call the “MAGA tax”—a toxic(有毒的；有害的) mix of high tariffs, zero net migration and all-encompassing policy uncertainty—shaved around three-quarters of a percentage point off the rise in American GDP in 2025. That holds lessons for America and other countries desperate for growth(迫切追求增长).
或许这让此刻审视美国的失误显得不合时宜。但值得注意的是，其世界领先的表现近来却是伴随着一个障碍实现的：唐纳德·特朗普反复无常且有害的政策。我们的分析表明，我们称之为"MAGA税"的因素——高关税、零净移民和全方位政策不确定性的有毒组合——使2025年美国GDP的涨幅减少了约0.75个百分点。这给美国和其他迫切寻求增长的国家提供了教训。
America was teed up(准备好) for a strong year when Mr Trump took charge(接手；负责) in early 2025. Its robust economy should have been supercharged(强力推进的), especially by the boom in artificial intelligence and its consequences for the stockmarket. Instead, growth since then has been solid but, by American standards, unremarkable(平庸的；不引人注目的).
当特朗普先生于2025年初接手时，美国经济本已为强劲的一年做好了准备。其强劲的经济本应被加足马力，尤其是受到人工智能繁荣及其对股市影响的推动。然而，此后的增长尽管稳健，但按美国标准来看并不出色。
The American experiments
美国的实验