Summers warns: Trump's tariffs could drag the U.S. into recession, with unemployment potentially increasing by 2 million
Former U.S. Treasury Secretary Summers warned that Trump's tariff policy could lead the U.S. into recession, predicting it will result in 2 million Americans losing their jobs. He pointed out that household incomes could lose $5,000 or more and stated that the current tariff increases could make more significant choices than during the Great Depression of the 1930s. He suggested abandoning the announced policies
Former U.S. Treasury Secretary Summers warned that due to the ongoing tariff increases, the U.S. is now more likely to fall into a recession, potentially leading to 2 million Americans losing their jobs. "We are very likely to fall into a recession—against this backdrop, we will see another 2 million people unemployed," he said. "We will see every household lose" $5,000 or more. President Trump's tariff plan will face "important choices in the coming weeks," choices that exceed the tariff plans of 1930 that "led to the Great Depression." He stated that "abandoning the announced policies" would be a wise move.
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