Amid a backdrop of intense global shifts, American economists and think tanks are sounding the alarm over aggressive US tariff measures. A recent study by Yale University's Budget Lab, published on April 15, predicts that these tariffs could cost the average American household about $4,900 every year 😱.
The report projects that in 2025, the cumulative impact of these tariffs will reduce real GDP growth by 1.1 percentage points. In simple terms, the economy could contract by 0.6% over the long run—equating to a loss of $180 billion in national output. For young professionals and tech enthusiasts juggling studies, startups, and digital trends, these numbers highlight the unexpected costs of economic policies.
Additionally, the study foresees rising unemployment, with a projected 0.6% increase by the end of 2025, wiping out over 770,000 jobs. This potential job market shake-up serves as a cautionary tale for those planning careers in a fast-changing global environment.
Even though these developments are centered in the US, their ripple effects underscore the interconnected nature of our global economy. For our readers in South and Southeast Asia, where technology and modern lifestyles drive daily life, such shifts remind us that economic policies across borders can influence local opportunities and the broader tech ecosystem 🌏.
Reference(s):
cgtn.com
