White House Criticizes New York Fed Tariff Paper

Kevin Hassett, a top economic adviser to President Donald Trump, publicly criticized a research paper from the United States===Federal Reserve Bank of New York. Hassett called the paper, which argued that the costs of tariffs are primarily borne by US consumers, an 'embarrassment' and suggested that its authors should be disciplined. He contended that the paper's analysis was flawed and that tariffs have benefited US consumers. The New York Fed's findings have been corroborated by other reputable institutions such as Harvard Business School, Yale University's Budget Lab, the Kiel Institute for the World Economy, and the United States===Congressional Budget Office. The United States===Federal Reserve Bank of New York declined to comment on Hassett's remarks.