Donald Trump’s tariffs and trade wars his administration launched against China has turned out to be far more damaging than first thought.
Economists at the Federal Bank said they used movement in stock prices, and found a long-term decline in U.S. consumer well-being, and also caused a large decline in stock prices.
The dip in the stock market amounted to a 16% GDP loss, which is nearly double the original estimate.
Because the courts have passed authority over to the President, Trump had a free hand to conduct trade policy in his presidency.
