In Q3 2025, economic activity is expected to remain robust in the United States (+1.0% after +0.9%). Household consumption would appear to have grown more rapidly than in Q2 2025 (+0.8% after +0.6%) and to have remained the main driver of activity. Private investment would seem to have slowed from +1.1% to +0.5%: the decline in residential investment is estimated to have eased slightly from -1.3% to -1.0%, while non-residential investment, which remained buoyant, is thought to have slowed from +1.8% to +1.0%. Public demand would appear to have picked up moderately (+0.4% after 0.0%), following the fiscal tightening at the start of the year. Foreign trade is likely to have made another positive contribution to growth: exports would seem to have continued to decline (-0.9% after -0.5%), but imports would appear to have fallen even more sharply (-2.0% after -8.3%), in the wake of the customs duty hikes introduced in the spring...