Trump's tariffs are backfiring on the US, Fed finds

Doug Barry, senior director of communications and publications for the US-China Business Council (USCBC), told Yahoo Finance that the findings came as no surprise. “They reflect what we have been hearing anecdotally for quite some time,” he said. “As the report authors note, in an era of globally interconnected supply chains, you cannot simply raise tariffs on imports to protect domestic manufacturing because a lot of those imports are actually intermediate goods that domestic manufacturers need.”