Economists warn that the new tariffs unveiled by the Trump administration Wednesday, including a 10 percent tax on most imported goods — which sent financial markets tumbling — will raise prices for U.S. consumers, hurt businesses and curb job creation. That makes an economic downturn more likely later this year, they say, but the tariffs are not expected to immediately impact employment levels.
“We expect that the increasing trade taxes will be passed along at close to a one-to-one rate downstream in many industries,” said Joe Brusuelas, chief economist at the accounting and consulting firm RSM. “That would diminish demand and result in a slower pace of hire.”
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