What do you mean "down"?
Well in a nutshell, all the measures of success in an economy going in the wrong direction.
I was reading about stagflation, it’s sort of like having long Covid.
From Wiki;
Stagflation presents a policy dilemma, as measures to curb inflation—such as tightening monetary policy—can exacerbate unemployment, while policies aimed at reducing unemployment may fuel inflation. In economic theory, there are two main explanations for stagflation: supply shocks, such as a sharp increase in oil prices, and misguided government policies that hinder industrial output while expanding the money supply too rapidly. The stagflation of the 1970s led to a reevaluation of Keynesian economic policies and contributed to the rise of alternative economic theories, including monetarism and supply-side economics.
In the Keynesian model, higher prices prompt increases in the supply of goods and services. However, during a supply shock (i.e., scarcity, "bottleneck" in resources, etc.), supplies do not respond as they normally would to these price pressures. So, inflation jumps and output drops, producing stagflation.
Now Trump has introduced a supply shock. A sudden end of imports from China and a little from all the other countries facing tariffs. Also he is introducing a labour shortage by sending Latinos back. Both of these are inflationary because demand is not being met.
He intends to increase U.S. production of those products in short supply, which will be expensive, produce more expensive goods and produce another labour shortage. Again both inflationary.
And tariffs are naturally inflationary, as the tariff itself is an increase in cost
So I think I can confidently predict that there will be strong inflationary pressures.
To counter this Trump will need to dampen growth in the areas he wants growth to increase in. Or increase the workforce to reduce wage increase pressures. Both of which work in opposition to what he wants to do. Because, to dampen growth will cause stagnation in the economy and he is ideologically opposed to importing cheap labour.
So he’s going to fail to increase domestic production of the restricted goods (there will be some exceptions), he’s going to cause shortages of lots of consumables, raw materials and minerals. Causing inflation which will be very difficult to stop, while not improving the income of U.S. workers, not growing the economy, which will stagnate and making everyone feel a lot poorer.
A classic case of stagflation, which will be very difficult to break out of.
Not to mention people all around the world boycotting U.S. goods and other countries imposing counter tariffs on U.S. exports.
I can’t see any good news in there apart from those few exceptions where there will be some growth in U.S. production.