New York Fed’s Williams says tariff burden falls ‘overwhelmingly’ on U.S. businesses and consumers

Key Points

American consumers and businesses are taking most of the hit from President Donald Trump’s tariffs, New York Fed President John Williams said in remarks that counter White House claims.
A study Williams cited on the issue has generated a fair amount of controversy over the past few weeks, with White House economist Kevin Hassett saying the authors should be “disciplined.”

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