The US Finance Minister today argued that “nothing” shows that the country has entered recession, commenting on increasing concerns about the consequences that new customs duties will have on economic activity. “I believe in the facts and there is nothing in the facts that we are in recession,” Scott Bessed said, speaking to the House Budget Committee. The minister referred to the latest employment data “that was surprised, in a good sense”, as unemployment remained stable at 4.2% and in April more jobs were created than originally projected. Experts expect the rapid increase in tariffs on imported products will lead to less growth, more inflation and unemployment. The possibility of recession in the world’s largest economy has also increased, analysts estimate. Today, Bessed explained that the US government’s economic policy is based on three pillars: trade, tax reduction and deregulation. The last two will […]
Source: News Beast
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