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News & Press: Industry News

White House Council of Economic Advisors: Tariffs will hurt economic growth in U.S.

Friday, June 8, 2018   (0 Comments)
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According to an article in The New York Times,  White House economic analysis of President Trump’s trade agenda has concluded that Mr. Trump’s tariffs will hurt economic growth in the United States, according to several people familiar with the research.

The findings from the White House Council of Economic Advisers have been circulated only internally and not publicly released, as is often the case with the council’s work, making the exact economic projections unknown. But the determination comes as top White House officials continue to insist publicly that Mr. Trump’s trade approach will be “massively good for the U.S. economy.”

The chairman of the Council of Economic Advisers, Kevin Hassett, dodged questions at a White House briefing on Tuesday about whether tariffs would hurt an economy that has accelerated during Mr. Trump’s tenure.

Wall Street research firms have warned that those tariffs, and the retaliatory tariffs that trading partners have threatened in response, will slow growth in the United States. Researchers at Goldman Sachs said this month that the latest round of tariff escalations could reduce economic growth by as much as 0.15 percentage points this year.

Asked about the Council of Economic Advisers analysis, a White House spokeswoman, Lindsay Walters, said in an email on Wednesday that “we don’t comment on internal, deliberative documents.”

Read the article here.