U.S. Former Treasury Secretary Yellen: Likelihood of U.S. Recession Significantly Increased, Trump's Tariffs to Have Huge Negative Impact

BlockBeats News, May 2nd, according to the Financial Times, former US Treasury Secretary Yellen warned that Trump's tariffs would have a "huge detrimental" impact on the US economy as they "hindered" companies reliant on key mineral supplies from China. Trump's broad taxation of trading partners could push the US into a recession. "(Tariff strategy) will have an extremely detrimental effect on the US, on consumers, and on companies that rely on imported raw materials for competitiveness. About 40% of the goods imported by the US are used as raw materials for domestic production. I'm not ready to say I predict a recession, but it is certain that this possibility has greatly increased." (Krypton)