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Former Treasury Secretary Says Families Will Lose At Least $5,000 As a Result of Trump's Tariffs

Larry Summers Donald Trump Recession United States BlackRock
Former Treasury Secretary Larry Summers (Credit: Getty Images)

Former Treasury Secretary Larry Summers said on Tuesday that President Donald Trump's tariffs will result in a loss of at least $5,000 per household, and that millions of jobs will be lost as well.

Speaking to Bloomberg Television, Summers specified that he believes 2 million people in the U.S. could lose their jobs due to the tariff increases and that there will likely be a recession.

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