Former U.S. Treasury Secretary Yellen: Trump's tariffs will have a huge negative impact, significantly increasing the likelihood of a U.S. recession

ChainCatcher news, according to a report by the Financial Times cited by Jinshi, former U.S. Treasury Secretary Yellen warned that Trump's tariffs would have a "huge adverse" impact on the U.S. economy, as they "hinder" companies that rely on critical mineral supplies from China. Trump's broad tariffs on trade partners could push the U.S. into recession. "(The tariff strategy) will have extremely adverse effects on the U.S., on consumers, and on the competitiveness of businesses that rely on imported raw materials. About 40% of the goods imported into the U.S. are raw materials used for domestic production. I am not ready to say that I predict a recession, but it is certain that the possibility has increased significantly."