Fortune, May 6, 2026

A year after Liberation Day, Trump’s tariffs have done ‘significant damage’ to the U.S. economy, says Moody’s chief economist

Economists now have more than a years’ worth of data to pick over when it comes to the impact of Liberation Day tariffs. While some might argue the revenue tariffs have generated are a gamechanger for the economy, others point to cost for those paying them.

Mark Zandi, chief economist at Moody’s Analytics, is concerned about the health of U.S. consumers. He previously told Fortune that—with the exception of job losses—a significant portion of U.S. families are effectively living in a recession.

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