The U.S. economy expanded at a healthy annual 2.4% pace the final three months of 2024, supported by a year-end surge in consumer spending, the government said in a slight upgrade of its previous estimate of fourth-quarter growth.

But it’s unclear whether the United States can sustain that growth as President Donald Trump wages trade wars, purges the federal workforce and promises mass deportations of immigrants working in the country illegally.

Growth in gross domestic product — the nation’s output of goods and services — decelerated from a 3.1% pace in July-September 2024, the Commerce Department said.

For all of 2024, the economy — the world’s biggest — grew 2.8%, down a tick from 2.9% in 2023.

Consumer spending rose at a 4% pace, up from 3.7% in third-quarter 2023. But business investment fell, led by an 8.7% drop in investment in equipment.

Shares of major automakers slumped following President Donald Trump’s announcement that he will place 25% tariffs on auto imports.

General Motors shed 7.4% Thursday. The Detroit automaker could be among the hardest hit of its peers under broad tariffs, as it sources about 40% of vehicles sold in the U.S. from Mexico and Canada, according to analysts at JPMorgan.

Ford, which slipped 3.9%, is less exposed with under 10% of vehicles sourced outside of the U.S., JPMorgan said.

Stellantis, which is based in the Netherlands but has significant manufacturing operations in North America, fell 1.3%.

Honda shares traded in the U.S. fell 2.2% and Toyota shares traded in the U.S. fell 2.5%.

One exception was Tesla. Its shares edged up 0.4%.