In May 2019 when Trump threatened tariffs on Mexico, as he is now, policymakers at the Federal Reserve quickly started hearing from businesses. Their takeaway: The threat alone hurt US growth.

Our @bloomberg.com Big Take earlier this week.

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https://www.bloomberg.com/news/features/2025-01-28/could-trump-s-tariffs-slow-us-growth-it-happened-last-time?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTczODM1MDMxMCwiZXhwIjoxNzM4OTU1MTEwLCJhcnRpY2xlSWQiOiJTUVRKU05UMVVNMFcwMCIsImJjb25uZWN0SWQiOiI2NTI4REQ5RTU2RTM0NjcyOEM1NEMwNDIzREJCRDAyNSJ9.kfLaCuJqwA1dg-FfxZuz1L847cpzsXIvGOPqJB-q0ic