Economists Warn: Trump’s ‘Job Destruction Order’ Already Impacting U.S. Economy
Economists are forecasting a sharp economic downturn in the U.S. due to President Trump’s recently implemented tariffs.
Carl Weinberg of High Frequency Economics predicts the economy will contract by 4.5% in Q2 2023, with further contraction expected in the second half of the year.
He describes the tariffs as “the largest one-day tax hike in history” that will lead to price increases, reduced spending, and job losses.
Other economists like Michael Feroli of J.P. Morgan predict a recession starting in June, while Goldman Sachs has raised its 12-month recession probability to 45% from 35%.
