A top financial group warned that President Trump's tariffs have done significant damage to the US economy, citing a year's worth of economic data showing negative impacts on inflation and employment.

Over a year after Trump's Liberation Day tariffs (a blanket 10% levy plus country-specific duties), Moody's Analytics chief economist Mark Zandi reports the tariffs have done significant damage to the US economy, with $195 billion in revenue generated in FY2025, the Supreme Court ruling in February that Trump exceeded his authority under the International Emergency Economic Powers Act of 1977, and the Tax Foundation finding the levies will cost the average household $1,300 more this year.