by Aimee Picchi
CBS News
President Trump is promising that his April 2 “Liberation Day” volley of tariffs will “make America wealthy again” by repatriating manufacturing jobs and reviving demand for American-made products. But many economists are taking a different view, warning that the tariffs could lead to more dire economic scenarios, including a recession or stagflation.
Mr. Trump has said the two new tariffs he unveiled Wednesday — a 10% universal duty on all U.S. imports and so-called reciprocal tariffs applied to imports from about 90 nations — will revitalize American manufacturing, create jobs and generate federal revenue.
But economists are ringing alarm bells as they digest the impact of the wide-ranging tariffs, which they forecast will accelerate inflation and dampen U.S. economic growth.