Summary
President Trump's adviser, Kevin Hassett, criticized a Federal Reserve study that claimed U.S. businesses and consumers are bearing the majority of costs from tariffs. Hassett called for disciplinary action against the economists involved, arguing that the study presented a partisan viewpoint. The study aligns with other reports indicating high tariff costs are passed on to U.S. buyers.
Key Facts
- Kevin Hassett is the director of the National Economic Council and an adviser to President Trump.
- Hassett criticized a Federal Reserve study that said U.S. firms and consumers bear 90% of tariff costs.
- The study was conducted by the New York Federal Reserve and is consistent with findings from other research groups.
- Hassett described the study as an embarrassment and suggested economists involved should be disciplined.
- President Trump's administration has been critical of the Federal Reserve, focusing mainly on interest rate issues.
- The Supreme Court is reviewing a legal challenge related to President Trump's global tariffs.
- Inflation in the U.S. recently decreased, according to the Department of Labor.
- Hassett claims tariffs have benefited consumers by increasing real wages.
