A recent report by the Federal Reserve Bank of New York has raised concerns that US President Donald Trump's recent tariffs on the Chinese mainland could negatively impact the US economy more significantly than officially reported trade data suggest.
Published on Wednesday, the study identified gaps in the conventional trade data, highlighting that the actual effect of tariffs on American consumers may have been underestimated. The analysis indicates that the imposed tariffs could lead to higher prices for goods, reduced consumer spending, and potential disruptions in supply chains, ultimately slowing economic growth.
The report calls for a more comprehensive examination of trade policies and their broader implications on the economy, emphasizing the need for accurate data to inform policy decisions that affect millions of Americans.
