Former US Treasury Secretary Lawrence Summers has warned that the country is likely headed towards a recession due to ongoing tariff increases. He estimates an additional 2 million Americans may lose their jobs and predicts household income losses of $5,000 or more per family during this period.
Source: https://www.bloomberg.com/news/articles/2025-04-08/summers-warns-us-likely-headed-to-recession-2-million-jobless