Gary Cohn, director of the National Economic Council during the first Trump administration, said the impact of tariffs will begin to be felt throughout the country in late May, stating that the poorest “will eventually pay a disproportionate percentage of tariffs.”
End of May is based on the time the goods take to be sent and distributed, Cohn said on CBS’s “Face The Nation” program on Sunday (27).
He added that they “spend 100% of their wages on goods,” while “richer people save a higher percentage of their salaries,” which means tariffs will have a greater impact on.
Cohn also addressed interest rates after recent criticism from President Donald Trump to the Federal Reserve (Fed).
Trump called the Fed president, a “big loser” and said that his “resignation cannot come fast enough,” criticizing Powell’s decision not to reduce interest rates, but said he “has no intention” to fire him.
“The Fed is doing exactly what was given the power to do … They are basically saying, ‘We have done our work now. Therefore, there is no reason to take action at this time.”
Gary Cohn, director of the National Economic Council in the first Trump administration
