
Yellen Warns of Economic Consequences from Tariffs
In an interview with the Financial Times, Yellen stated that approximately 40% of U.S. imports are inputs required for domestic production, and Trump’s tariff strategy will have significant negative consequences for the U.S., for consumers, and for the competitiveness of businesses that rely on imported raw materials.
Yellen further remarked: “I do not intend to directly predict a recession, but it is certain that the probability of a recession has increased significantly.”
Yellen’s comments come as data released this week shows that businesses are hoarding imported goods due to concerns over future tariffs, leading to a contraction in U.S. GDP in the first quarter.
Despite the strength of the $29 trillion U.S. economy in terms of spending and production, recent surveys indicate that consumer and business confidence has deteriorated significantly.
On April 2, Trump announced high “reciprocal” tariffs on multiple countries, causing significant market volatility. While most tariffs have since been postponed for 90 days, a 145% tariff on most Chinese goods remains in effect.
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