Trump Tariffs to Impose Oil-Shock Type Economic Hit

“Former Treasury Secretary Lawrence Summers said the Trump administration’s looming tariff hikes are set to impose an oil crisis-like shock to the economy that shrinks its productive capacity — boosting both prices and unemployment,” Bloomberg reports.

Said Summers: “This is the kind of thing you discuss in the way we would usually discuss an oil-price spike or earthquake or a drought, as a supply shock. The question is mostly how much damage is going to be done.”