Trump’s tariffs have done ‘significant damage’ to US economy, top financial group warns
Mark Zandi, chief economist at Moody's Analytics, states that Trump's tariffs have done 'significant damage' to the US economy, citing weakened job growth and increased inflation. The tariffs have generated $195 billion in revenue but have been largely paid by US consumers, costing the average household $1,300 more this year.
The US economy has suffered significant damage from Trump's tariffs, according to Mark Zandi, chief economist at Moody's Analytics. Job growth has stalled, with only the healthcare industry adding meaningful jobs, and inflation has accelerated to 3% year-over-year. The tariffs, implemented last April, generated $195 billion in revenue in fiscal year 2025. However, US consumers have borne the cost, with the average household paying $1,300 more this year. The ongoing Iran war has further exacerbated the economic issues, causing oil prices to soar and threatening additional economic damage. The US economy's resilience is being tested.
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