White House Economist Slams NY Fed Study on Trump Tariffs

Hassett says authors should be 'disciplined' over paper finding Americans paid for tariffs

Published on Feb. 21, 2026

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White House economist Kevin Hassett criticized a paper from the Federal Reserve Bank of New York that found Americans bore the costs of President Trump's tariffs, ahead of a potential Supreme Court ruling on the president's trade levies.

Why it matters

The dispute over the impact of Trump's tariffs has become a politically charged issue, with the White House defending the tariffs as necessary to protect American jobs and industries, while critics argue they have harmed consumers and the broader economy.

The details

Appearing on CNBC, Hassett said the authors of the New York Fed paper 'should presumably be disciplined' and called the analysis 'an embarrassment.' The paper found that Americans, not foreign exporters, paid for the tariffs through higher prices.

  • The New York Fed paper was published in 2026.

The players

Kevin Hassett

A White House economist who has criticized a Federal Reserve Bank of New York study on the impact of President Trump's tariffs.

Federal Reserve Bank of New York

The regional Federal Reserve bank that published a study finding Americans paid for President Trump's tariffs.

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What they’re saying

“The authors of the paper 'should presumably be disciplined' and called the analysis 'an embarrassment'.”

— Kevin Hassett, White House Economist (CNBC)

What’s next

The Supreme Court is expected to rule this week on the legality of President Trump's tariffs.

The takeaway

The dispute over the impact of Trump's tariffs highlights the politically charged nature of the issue, with the White House defending the tariffs while critics argue they have harmed consumers and the broader economy.