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Trump's Tariffs Risk Recession Like Great Depression

4/7/2025

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Summary

Story summary

James Bullard, a former Federal Reserve official, cautions that President Trump's tariffs could trigger a recession reminiscent of the Smoot-Hawley Act of 1930, which exacerbated the Great Depression. By raising tariffs, it sparked retaliation and a plunge in global trade. Today's tariffs threaten to unravel supply chains and jeopardize economic stability.

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Story summary

James Bullard, a former Federal Reserve official, cautions that President Trump's tariffs could trigger a recession reminiscent of the Smoot-Hawley Act of 1930, which exacerbated the Great Depression. By raising tariffs, it sparked retaliation and a plunge in global trade. Today's tariffs threaten to unravel supply chains and jeopardize economic stability.