Now, the numbers speak for themselves, and they’re deeply troubling, according to Mark Zandi, chief economist at Moody\u2019s Analytics<\/a>, an arm of the long\u2011established global risk\u2011assessment group.<\/p>\n \u201cWe have a year\u2019s worth of economic data since Liberation Day,\u201d Zandi wrote Monday. \u201cThe data are definitive; the tariffs have done significant damage to the economy.\u201d<\/p>\n The leading economist highlighted figures on inflation<\/a> and employment growth<\/a>, both of which have been exacerbated by the ongoing Iran war<\/a>.<\/p>\n U.S. Employment: \u201cJob growth has come to a standstill, with only the non-traded healthcare industry adding meaningfully to payrolls,\u201d Zandi wrote, referring to the 693,000 domestic health care jobs added last year \u2014 without which there would have been a net hiring loss. In total, employers added an average of just 9,700 jobs per month last year, the weakest hiring<\/a> since 2002, outside of recession years. Trump\u2019s tariffs, the cornerstone of his economic agenda, were first implemented last April, when he announced a blanket 10 percent levy on most of the world, in addition to higher country-specific duties.<\/p>\n They have generated billions in revenue \u2014 $195 billion in fiscal year 2025 alone \u2014 a result that Treasury Secretary Scott Bessent has pointed to as a positive step toward lowering the federal deficit. U.S. national debt<\/a> is now higher than GDP, hitting levels not seen since the aftermath of World War II<\/a>.<\/p>\n What\u2019s more, the cost of tariffs is being borne by Americans. U.S. consumers have paid for \u201cnearly all<\/a>\u201d of the tariffs, according to a January report from the Kiel Institute for the World Economy. A February report from the Tax Foundation found that the president\u2019s levies will cost the average household $1,300 more<\/a> this year.<\/p>\n Multiple polls have indicated the president\u2019s levies are deeply unpopular, including a March survey commissioned by The Guardian, which found 7 in 10 Americans believe the tariffs have cost them more.<\/p>\n![\"Over](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/05\/GettyImages-2208185431.jpg\")
Over a year has passed since President Donald Trump\u2019s \u2018Liberation Day\u2019 \u2014 when he rolled out a sweeping tariff regime, imposing steep duties on most foreign imports and fundamentally reshaping U.S. trade policy (Getty Images)U.S. Inflation: \u201cInflation has accelerated, with the consumer expenditure deflator increasing at a 3% year-over-year pace, up from 2.5% before the tariffs and well above the Federal Reserve\u2019s target of 2%,\u201d Zandi wrote. U.S.-Iran war: Outlooks for job growth and inflation remain bleak as the war has caused oil prices to soar. Moody\u2019s chief economist noted: \u201cThe higher energy and other commodity prices caused by the war threaten to do even more economic damage than the tariffs, further undermining growth and pushing inflation higher. The U.S. economy is resilient, but just how resilient is set to be tested.\u201d <\/p>\n![\"While](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/05\/GettyImages-2268609264.jpeg\")
While the president\u2019s tariffs have generated billions in revenue, they are largely being paid for by American consumers, studies have shown (AFP\/Getty)<\/p>\n