US EditionTrump adviser Hassett suggests New York Fed researchers be punished for tariffs argument
Kevin Hassett called the New York Fed paper partisan and flawed, disputing findings that U.S. firms and consumers bear about 90% of tariff costs in 2025.
- On February 18, 2026, White House economic adviser Kevin Hassett said those behind the New York Federal Reserve paper posted Feb. 12 should be disciplined, calling it "an embarrassment."
- Hassett criticized the study's method, saying New York Fed researchers focused on price changes and omitted reshoring wage and benefit effects that could offset tariff costs.
- Other studies and researchers reported some analyses found 94% of tariff costs passed to U.S. firms and consumers, while the Congressional Budget Office estimated foreign exporters absorb 5% of costs.
- New York Fed officials declined comment, and the dispute comes as the Supreme Court prepares a ruling that could limit presidential tariff authority while the White House plans a response.
- Academic and bank analyses, including Gita Gopinath and Brent Neiman, point out nearly 100% tariff pass-through to U.S. import prices, with CPI rising 2.5% in January.
120 Articles
120 Articles
Kevin Hassett faces blowback for calling for New York Fed to be 'disciplined'
National Economic Council Director Kevin Hassett is facing blowback for saying that Federal Reserve Bank of New York staff should be “disciplined” for a tariff report that was unfavorable to the White House. The criticism comes at a time when the Fed’s independence from the White House is a politically fraught topic. Hassett made the remarks on Wednesday about New York Fed research that found the Trump administration’s tariff policies hurt U.S. …
Trump’s top economic adviser wants the Fed to punish its researchers. But the study that rattled him isn’t going anywhere
Kevin Hassett, who heads the White House’s National Economic Council and serves as President Donald Trump‘s top economic adviser, is demanding that the Federal Reserve punish its own researchers after they published a study critical of tariffs. Hassett called the New York Fed’s study an “embarrassment” and said it was based on analysis that wouldn’t pass a first-semester economics class. According to The Washington Post, the dispute started afte…
Another White House tariff tantrum
Having access to more information is a good thing — especially if you’re the National Economic Council director whose ability to do the job relies on data. But White House economic advisor Kevin Hassett would prefer to “discipline” researchers whose calculations are inconvenient for the Trump administration’s defense of tariffs. Last week the Federal Reserve Bank of New York posted an analysis of how Trump’s tariff hikes affected prices in 2025.…
NY Federal Reserve Tariff Report an ‘Embarrassment’
A study by the New York Federal Reserve claims 90% of the tariff burden is being shouldered by U.S. firms and consumers. White House National Economic Council Director Kevin Hassett joined CNBC’s Joe Kernen on “Squawk Box” to discuss President Trump’s tariffs agenda, and refuted the NY Federal Reserve’s partisan report, providing everyone a quick Econ 101 lesson. With inflation at only 2.4%, this doesn’t add up. And remember, Economists warned o…
By Elisabeth Buchwald, CNN. National Economic Council Director Kevin Hassett said Wednesday that the researchers at the Federal Reserve Bank of New York who wrote a study concluding that American businesses and consumers are bearing 90% of the cost of President Donald Trump's tariffs should be "disciplined." "It is, I think, the worst paper I have ever seen in the history of the Federal Reserve System," Hassett told CNBC in an interview.
Trump adviser wants economists 'disciplined'
WASHINGTON — President Donald Trump's top economist on Wednesday urged that Federal Reserve economists be punished for research last week that showed American companies and consumers paying for almost all the tariffs Trump imposed last year.
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