Kenneth Rogoff emphasized that the likelihood of a US recession has sharply increased, primarily due to consumer confidence being shaken by President Trump's tariffs. He noted that many consumers, particularly those who did not support Trump, perceive the economic situation similarly to the 2008 financial crisis. Furthermore, he commented on Trump's unpredictable tariff strategies, likening it to a game of chance and likening the overall economic climate to the tumultuous 1970s. Rogoff's insights suggest a profound unease among consumers affecting economic stability.
The nature of the recession we might get is a loss of confidence, not an oil shock, not a pandemic, but among consumers - particularly consumers who didn't vote for Trump.
It seems like [Trump's] spinning a wheel... you don't know what's coming - it's like he wants everyone to hide from him.
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