Gary Cohn, former Director of the National Economic Council under President Donald Trump, has warned that the impact of tariffs will begin to be felt across the United States by the end of next month.
Cohn emphasized that individuals with lower incomes will be hit the hardest, as they will “disproportionately pay a larger percentage of the tariffs.”
Speaking on CBS’s “Face the Nation”, Cohn explained that this forecast for the end of May is based on the time it takes for goods to be transported and distributed throughout the country.
He also highlighted that lower-income individuals “spend 100% of their income on goods,” while “wealthier people save a higher percentage of their income,” meaning that tariffs will impact low-income Americans more severely, as reported by CNN.
