Is layoff season back?

Market correction. Hikes have been pretty dismal over the last couple of years anyway.

This time its different. This time layoffs are all about fearmongering, so as to squeeze as much energy as possible from the employees. Companies started strategically performing layoffs from 2022 (big tech) to boost productivity, now they are doubling down by calling it "under performance". Hiring is going on afaik, its just that companies now want top tier work for mid tier pricing (aka the oneplus experience)

Annual review processes in motion as well. Laid off employees wont be eligible for bonus payments.

its neither trump or economics. The excessive pay that was given over the last 4 years, is now getting corrected.