Global Economists Raise Alarm on Tariffs and Immigration at Dallas Summit

In a bold convergence of minds, some of the world’s leading economists gathered today at the Federal Reserve Bank of Dallas, alongside the Peterson Institute for International Economics (PIIE) to dissect significant concerns hovering over global economies. The summit unveiled a daunting landscape characterized by aggressive tariffs and evolving immigration policies.

Tariff War: A Self-Inflicted Wound?

The panelists fervently debated the ongoing tariff war, a veritable storm with the power to swell the tides of unemployment and inflation. With the White House instating a 90-day pause on tariffs that excludes China—with a shocking 145% levy—experts like Lorie Logan, President and CEO of the Federal Reserve Bank of Dallas, articulated fears for economic stability. “Higher-than-expected tariffs will likely escalate both unemployment and inflation,” stated Logan.

Former Treasury Secretary Janet Yellen has been equally critical, describing the tariff war as “the worst self-inflicted wound that I have ever seen an administration impose on a well-functioning economy.” This sentiment resonates profoundly among the experts present.

Immigration: A Balancing Act

On the immigration front, echoed sentiments of caution and opportunity emerged. President Trump’s recent commitment to allowing farm-owner recommendations for migrant workers hints at a broader strategy that could impact immigration dynamics. Meanwhile, Alejandro Werner from PIIE emphasized, “The need for dialogue on trade and migration between Mexico and the U.S. has never been greater.”

Economic Uncertainty and Consumer Vigilance

In this climate of uncertainty, consumers are advised to remain vigilant about spending. As economic policies ebb and flow, the price of goods and services could persist in rising, further straining household budgets.

The Power of Waiting: Fed’s Role

The summit also reflected on the Federal Reserve’s stance, with Chair Jerome Powell adopting a cautious approach, particularly when it comes to interest rates. This patience signals a wait-and-see stance amid turbulent economic waters.

Future Dialogues

With this robust discourse igniting insights and strategies, the summit marks only part one of a two-part series. Economists will reconvene in Washington D.C. this fall, promising another round of critical evaluations and foresight.

As stated in FOX 4 News Dallas-Fort Worth, with ongoing dialogues and collaborations, there’s hope that these eminent minds will forge pathways to mitigate economic turbulence and foster sustainability.