MacroPass™: Anna Wong On The Expected Impact Of The 'Liberation Day' Tariffs

A "sizable drag" on economic activity, the financial markets & the labor markets

This week’s installment of our popular MacroPass™ service for premium members of this Substack comes from the chief economist at Bloomberg Economics, Anna Wong, whom I just interviewed earlier this week.

When I interviewed Anna, we didn’t yet know the details of the Liberation Day tariffs. Well, know we know them, and — hoo boy….

Yesterday Anna and her team published their analysis of the impact of these tariffs, and it’s pretty stark. They see them as creating a “sizable drag” on economic activity, the financial markets & the labor markets.

For the details, as well as what she thinks how the Fed will respond, read her report below.

As a reminder, MacroPass™ is a weekly rotating selection of premium analysis from many of the big thinkers interviewed on Thoughtful Money.

To-date that list of contributors includes experts like Lacy Hunt (Hoisington), Stephanie Pomboy (Macro Mavens), Danielle DiMartino Booth (QI Research), Tom McClellan, Michael Howell (Capital Wars), Darius Dale (42 Macro), Doomberg, Ted Oakley (Oxbow Advisors), Kevin Muir (The Macro Tourist), Alf Peccatiello (The Macro Compass), Lance Lambert (ResiClub), Ed Yardini (Yardini Research), David Hay (Haymaker), Melody Wright (M3_Melody), David Stockman (Contra Corner), David Brady (FIPEST Report), John Rubino, Adam Kobeissi (The Kobeissi Letter), Sven Henrich (Northman Trader), Jeff Clark (The Gold Advisor), Charles Hugh Smith, Steven Bavaria (Inside the Income Factory®), Chris Whalen (The Institutional Risk Analyst), Felix Zulauf, Jesse Felder (The Felder Report), Brent Johnson (Macro Alchemist) and Anna Wong (Bloomberg Economics).

Recent MacroPass™ reports in this series include:

• David Stockman on just how out-of-control the federal deficit is

• Kevin Muir on 'The Bear Case' for markets

• Doomberg On the USA's fiscal outlook

• Michael Kantrowitz' on uncharacteristic economic green shoots

• Lacy Hunt's latest Quarterly Outlook

• Michael Howell's liquidity outlook for 2025

• Darius Dale's forecast for DOGE + full interview slides

If you’re already a premium subscriber to this Substack, just continue below to read Anna’s full recap.

But if you’re not (yet), read the start of it below and consider upgrading to premium and access the full version, as well as all past and future MacroPass™ content.

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