Trump's Tariffs, Fed's Inflation Stance, Gold's Record High, And GDP Growth: This Week In Economy

The past week has been a rollercoaster ride for the financial world. From President Donald Trump’s controversial auto tariffs to the Federal Reserve’s stance on inflation, the market has been buzzing with activity. Let’s dive into the top stories that shaped the week.

Trump’s Auto Tariffs Stir Concern

President Trump’s announcement of a 25% tariff on auto imports has caused a stir among economists and market analysts. The tariffs, set to take effect on April 3, aim to boost domestic auto manufacturing but could trigger significant market disruption. Prominent economists like Peter Schiff have warned that the tariffs will increase car prices and potentially put upward pressure on interest rates.

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Federal Reserve’s Inflation Stance Questioned

Economist Craig Shapiro has accused the Federal Reserve of "gaslighting the public," after the President of the Federal Reserve Bank of Richmond, Tom Barkin, said that inflation is not "de-anchored". Barkin acknowledged that the U.S. economy has been through a significant inflationary period.

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See Also: Elon Musk Says Tesla Doesn't Need Lidar Because ‘People Don't Shoot Lasers Out Of Their Eyes' After YouTubers Put His Cars Through Wylie E. Coyote Tests

Gold Hits Record High

Gold has reached another record high, and renowned economist Peter Schiff attributes this to declining trust in the U.S. dollar and the certainty of inflation exceeding 2%. Schiff, a well-known critic of U.S. monetary policy and an advocate for gold, expressed his views on the recent surge in gold prices.

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US GDP Growth Upwardly Revised

Economic data released Thursday morning showed a marginal upward revision to U.S. gross domestic product growth for the fourth quarter of 2024, alongside a narrower but still historically high goods trade deficit for February. The U.S. economy expanded at an annualized rate of 2.4% in the fourth quarter of 2024, up from the previously estimated 2.3.

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Read Next:

• Elon Musk Says ‘Hang On To Your Stock’ In Surprise Late-Evening Tesla All-Hands Meeting — Touts 7 Million EVs, Optimus Robot, And AI Supercomputer Dojo

Photo courtesy: Shutterstock

This story was generated using Benzinga Neuro and edited by Ananya Gairola