President Donald Trump’s top economic adviser is lashing out at Federal Reserve researchers after a new study undercut one of the administration’s core talking points on tariffs.
Kevin Hassett, director of the National Economic Council, went on a tirade Wednesday morning during an appearance on CNBC’s Squawk Box, blasting a Federal Reserve Bank of New York paper that found Americans—not foreign exporters—are footing the overwhelming cost of Trump’s tariffs.
“The paper is an embarrassment,” Hassett, 63, said of the study. He went further, calling it “the worst paper I’ve ever seen in the history of the Federal Reserve system” and suggesting that the authors behind it should be “disciplined” for their findings.
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