Economic Outlook

Will Trump’s tariffs push the U.S. economy into recession? Many economists think so.

Tariffs will affect corporate hiring and put U.S. manufacturers operating globally in a difficult situation

Last Updated: March 4, 2025 at 1:56 p.m. ET
First Published: March 4, 2025 at 11:45 a.m. ET

Economists will be closely watching consumer spending in the coming months. Photo: Bruce Bennett/Getty Images

President Donald Trump’s decision to impose tariffs on Canada and Mexico will ultimately result in a recession in the United States, many economists predicted Tuesday.

“Simulations have been done on the full tariffs against China, Canada and Mexico and, if you believe them, we’ll be in recession in nine to 12 months,” Carl Tannenbaum, chief economist at Northern Trust, said in an interview with MarketWatch.