Top Trump advisor furious about true cost of tariffs being revealed, vows to punish New York Fed for ‘worst paper’ ever in history

A top White House economic official on Wednesday blasted independent research on tariffs, dismissing its findings as inaccurate and misleading.

After the New York Federal Reserve released a blog post last week that found Americans are eating the supermajority (90%) of the cost of President Donald Trump’s tariffs, White House National Economic Council Director Kevin Hassett condemned the findings and lambasted the researchers involved in the study.

“The paper is an embarrassment,” Hassett told CNBC on Wednesday. “It’s, I think, the worst paper I’ve ever seen in the history of the Federal Reserve System.”

He went as far as to suggest that the authors of the report should face repercussions for their work. “The people associated with this paper should presumably be disciplined,” he said.

Hassett’s comments add fresh fire to the White House’s pushback on a growing body of research that shows Trump’s tariffs are disproportionately hurting American consumers and businesses. Last August, Goldman Sachs stood by a tariff analysis that Trump attacked and that reached a conclusion similar to the New York Fed’s.

It’s also the most recent assault against the central bank by the Trump administration. The Department of Justice launched ...