Here's why experts think Trump's tariffs could hurt the U.S. economy
CBSN
President Trump is promising that his April 2 "Liberation Day" volley of tariffs will "make America wealthy again" by repatriating manufacturing jobs and reviving demand for American-made products. But many economists are taking a different view, warning that the tariffs could lead to more dire economic scenarios, including a recession or stagflation.
Mr. Trump has said the two new tariffs he unveiled yesterday — a 10% universal duty on all U.S. imports and so-called reciprocal tariffs applied to imports from 90 nations — will revitalize American manufacturing, create jobs and generate federal revenue.
But economists are ringing alarm bells as they digest the impact of the wide-ranging tariffs, which they forecast will accelerate inflation and dampen U.S. economic growth. That's because Mr. Trump's tariffs will be paid by U.S. businesses that import goods and materials from other countries, and they are likely to pass on some or all of those costs to consumers through higher prices.
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