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America, the way you calculate the gross domestic product is its four drivers of GDP, it's consumption, investment, government spending and what's called net exports. And when you have more imports than exports, you have a drag downward on the GDP. So, you have to kind of calculate across the four components.
So, what happened with the numbers today is we had a fairly extraordinary surge of imports that was totally driven by the rest of the world trying to get their products in here before the tariffs took full hold. So, the great news about that is that's a one-shot deal. So, next time we get the data that won't be the case at all.
And in fact, it'll reverse and that will contribute to growth. So, when you strip all of that out and you strip out the volatility of inventories in the equation, we actually had about 3 percent GDP growth, which is very, very good and quite encouraging for employment. With respect to how these numbers were driven by Trump economic policy, we have a number of things going.
We have, first of all, the tariffs themselves, which are driving a tremendous amount of domestic investment in. We have the increasing certainty, it's now a high probability, but increasing certainty that we're going to pass a tax bill very quickly, which will allow for the 100 percent expensing, not just of equipment but also of buildings when you manufacture here in America, so that stimulates investment because it's going to be retroactive to the first of the year.
So, we're seeing that. And we've already had $5 trillion in pledges. So, all this is coming in and data point, which was extraordinary, was a -- I think it was a 22 percent increase, 22 percent increase in domestic investment. I mean, that is like huge, literally off the charts, you never see anything like that.
And then consumption. The important thing to understand here for the finance types is that we distinguish between what's called soft data and hard data. So, we've seen amidst the media barrage against the Trump tariffs and warnings and all of that a slight deterioration of consumer sentiment. And to a certain extent, business sentiment, that's what we call soft data.
But when you look at the hard data, all we're seeing is good, strong news. So, the idea that there's a recession coming should be heavily discounted, because when we take into effect that the tax cuts coming and the underlying strength of the economy, then I think all things are good. So, we felt really good about that number when you fully understand it. And then that's pretty much all I've got to say about that.
I'll take two questions and then I've really got ta get in. Yes, ma'am.
Why are you talking about Truth Social, saying that it's Biden's stock market? And do you agree with his assessment that getting rid of Biden overhang? Why not --
There are two things going on here. It's we inherited a tremendously bad set of economic policies from Joe Biden. The fruit of that poison Biden tree is a series of bills, spending bills which have drawn our debt far over a fiscal cliff and we're trying to bring that back with the tax bill and the reorientation of spending that may occur.
So, we're stuck with that. But if you look at the Biden inflation problem, it certainly hasn't been fully cured. But we're making very strong headway. For example, the bond market, the key metric there is the yield say on the 10-year, that's been coming down. We've cut gasoline prices down significantly.
We got the price of a barrel of oil down around in the low 60s. Biden averaged around 75. The difference between 75 and 60 for the American household is like $1,000 a year in spending power. And so, he didn't leave us with a very good hand. Right now, we see things improving, we see our policies being put into action and we see very good things.
All right, one more.
Any updates with the Boeing China situation.
Let's talk about Boeing China and then, forgive me, I usually would stay, but the West Wing calls. We've got to think from a policy point of view very, very deeply about the Boeing problem in China. The things that Americans need to better understand, a lot of them do now, is if you go back and look at the five-year industrial plans, which is how China plans its economy, they've told us for the past 20 years, they intend to take over key industries from the rest of the world.
And they've told us exactly how they're going to do that, which is to say that they invite foreign companies in. And then what they do is absorb and digest their technology, which is to say steal it. And once they learn how to do it, then they use their unfair trade practices to push out the American companies from world markets and eventually from China itself.
So, if you look at Boeing, we've seen a drop prior to this latest action against Boeing. Just since the Biden regime, we've seen a drop in their market share go from 55 percent down to 40 percent as the rise of the Chinese domestic champion has flourished with all the unfair trade practices they give them.
So, the point here is that we as a country need to have Boeing's back as a country. The good news is that seemingly for every jet that China is now refusing to take, there's other countries willing to buy these things quite rapidly. All right, I'll be back later, but today I've got ta go. I appreciate that.
What about India, sir, the India deal, is it coming?
Deals are coming.