Kevin Hassett, a key economic advisor to President Trump, expressed sharp criticism on Wednesday towards a New York Federal Reserve research paper. The paper suggested that the financial burden of tariffs falls primarily on Americans, a view Hassett vehemently opposed, calling for repercussions against those responsible for what he termed poor scholarship.
In an interview with CNBC, Hassett remarked, “The paper is a disgrace. It might just be the worst publication in the history of the Federal Reserve System,” adding that “the authors of this paper ought to face disciplinary actions” for their work.
The contentious paper posited that the significant import duties imposed by Trump are absorbed domestically rather than internationally, contradicting the administration’s longstanding position.
