Photo illustration by 731; Photos: Getty Images (2)
The Big Take
Trump’s Tariffs Hit US Growth Before, and Threaten to Again
Newly released transcripts from the Federal Reserve show just how much policymakers were scrambling to keep growth intact in 2019.
For skeptics of President Donald Trump’s threatened tariffs, the concern raised most often at home is that they will boost inflation and lead to higher interest rates. The biggest lesson from his last trade war, though, may be that it’s the hit to growth that matters more.
Trump, as he did eight years ago, won the White House thanks to voters angry about an economy that many feel doesn’t work for them, even if aggregate data shows it’s in good shape.