Lael Brainard: Gain for the wealthy and pain for the workers in Donald Trump’s trade war

The Trump administration’s shock-and-awe approach to economic policy has already depressed the US stock market, raised investors’ expectations of a recession and increased consumers’ concerns about inflation. Administration officials have suggested this pain is necessary for broader gain. The question is: Whose pain and whose gain? American consumers know they will pay for these tariffs out of their own pockets.

.