Overview
- On CNBC, senior Trump adviser Kevin Hassett called the New York Fed paper the worst he has seen and said its authors should be disciplined.
- The Feb. 12 analysis by New York Fed economists estimated roughly 90% of the 2025 tariff costs were passed to U.S. companies and consumers, with the effect easing slightly over the year.
- Hassett argued the study wrongly assumes fixed quantities and claimed tariffs brought production home, lowered prices, and lifted real wages.
- Economists widely conclude tariffs mostly fall on domestic consumers, and recent reports cite data indicating growth has been hurt.
- Reporting indicates the Supreme Court could soon limit unilateral tariff authority, and sources say the White House is preparing ways to respond.