Back to today’s briefing

Story perspectives

Trump's Tariff Threats Risk Financial Crisis, Warns Summers

4/19/2025

27 5

Summary

Story summary

Former Treasury Secretary Larry Summers cautioned that Donald Trump's tariff policies might spark a financial crisis reminiscent of Liz Truss's abrupt exit in the UK. Trump's threats to dismiss Fed Chair Jerome Powell have left markets on edge, with analysts fearing that such a move could further destabilize the economy amid rising recession worries in the U.S.

1 of 1

Story summary

Former Treasury Secretary Larry Summers cautioned that Donald Trump's tariff policies might spark a financial crisis reminiscent of Liz Truss's abrupt exit in the UK. Trump's threats to dismiss Fed Chair Jerome Powell have left markets on edge, with analysts fearing that such a move could further destabilize the economy amid rising recession worries in the U.S.