President Donald Trump's chief economic advisor, Kevin Hassett, sharply attacked the authors of a New York Fed report on the effects of tariff policy. The study found that the burden of tariffs falls almost entirely on American consumers and businesses, contradicting the administration's narrative. Meanwhile, the latest polls indicate historically low support for the incumbent president's immigration policy, which is causing increasing controversy among Americans.

Attack on Fed Economists

Kevin Hassett demands disciplinary action against employees of the New York Federal Reserve for a report undermining Donald Trump's tariff policy.

Tariff Costs Borne by USA

The study found that 94% of the costs of new tariffs were borne by American importers, contradicting the president's thesis that foreign entities are burdened.

Decline in Presidential Support

A Reuters/Ipsos poll indicates only 38% of respondents positively assess the White House's actions on migration, a record low result.

The atmosphere in Washington is intensifying following the publication of a report by the Federal Reserve Bank of New York. This document shows that 94% of the costs of tariffs introduced by Donald Trump in the first eight months of 2025 were borne by American importers, not foreign producers. Kevin Hassett, Director of the National Economic Council, called the publication a "disgrace" and "the worst study he has ever seen." The official publicly suggested that those responsible for preparing the analysis should be disciplinarily punished for what he called "unreliable scientific work." The independence of the Federal Reserve from political pressure is a cornerstone of dollar stability; historically, attempts by the White House to influence the Fed have caused concern in global financial markets. The administration's reaction stems from the fact that the report's conclusions strike at a key point of the president's economic program. Donald Trump has repeatedly argued that tariffs are paid mainly by foreign intermediaries and corporations outside the USA. Hassett counters the economists' accusations by pointing to a decline in inflation and import prices in the first half of the year as evidence of the White House's actions being correct. „The people associated with this publication should probably be disciplined.” — Kevin Hassett Meanwhile, in the field of social policy, the administration is facing new image challenges. The latest Reuters/Ipsos poll indicates that support for the president's actions in the area of migration has fallen to 38%. This is the lowest result since his return to the White House. Particularly concerning for the campaign team may be the loss of support among men, who have so far constituted a solid Republican electorate. This decline reflects growing public fatigue with the methods of combating illegal immigration, although it remains a priority for the current government. Who Bears the Cost of Tariffs According to NY Fed Report: American importers: 94, Foreign producers: 638% — of Americans support the president's immigration policy Views on Tariff Costs: Paying Party: Foreign Producers (per Trump) → American Consumers (per Fed); Impact on Inflation: No Negative Impact (per Hassett) → Increase in Cost of Living (per economists)

Mentioned People

  • Kevin Hassett — Director of the National Economic Council (NEC) in the Trump administration, critic of the Fed report.
  • Donald Trump — President of the United States, author of tariff and immigration policy.