Economists are sounding the alarm over the fallout for the U.S. economy caused by Donald Trump’s war with Iran.
Experts believe the conflict will continue driving up oil prices and inflation, stifle U.S. growth, and make it unlikely that the Federal Reserve will lower interest rates, the Financial Times reported.
Trump’s multibillion-dollar war in Iran shows no clear end in sight, as Tehran is steadfastly refusing to reopen the Strait of Hormuz—the narrow shipping passage between Iran and Oman through which roughly a fifth of the world’s oil passes. Its closure has triggered a global oil crisis, with gas prices surging in the U.S. and crude oil repeatedly topping $100 a barrel.
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