As the US midterm elections approach, we take a look at data to see a true picture of the US economy under Trump

With the midterm elections fast approaching, many Americans have the economy on their minds.

US voters are exhausted by years of higher prices. Donald Trump won the presidency in 2024 on promises to lower inflation and undo the damage he said the Biden administration had inflicted on the economy.

Chip makers and tech investors such as Samsung and SoftBank plunge as potential interest rate hikes spook markets

• Business news – live updates

• Larry Elliott: the global economy is muddling through. But a storm is coming

An accelerating sell-off of AI-linked shares has hit global markets, as fears over rising inflation and future interest rate hikes spooked traders already wary of the heavily indebted sector.

South Korea’s benchmark Kospi 200 index, which is heavily skewed towards the companies that make memory chips, fell more than 8% overnight to a six-month closing low, triggering circuit breakers that brought trading to a halt at various points.