The Trump administration is disputing a new paper from the New York Federal Reserve asserting that US consumers and businesses are bearing the bulk of the higher costs from tariffs imposed last year.
“The paper is an embarrassment,” National Economic Council Director Kevin Hassett told CNBC on Wednesday. “I think it’s the worst paper I’ve ever seen in the history of the Federal Reserve System. The people associated with this paper should presumably be disciplined, because what they’ve done is they’ve put out a conclusion, which has created a lot of news that’s highly partisan, based on analysis that wouldn’t
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