 "Trump's tariffs drive unemployment fears to 5-year high, finds survey")
In the wake of US President Donald Trump’s rollout of tariffs, fears of unemployment among Americans have reached a five-year high, according to a survey.
Trump’s sectoral tariffs on steel, aluminium, and automobiles, and country-specific tariffs have led to fears of the United States falling into recession. Economists have said that recessionary and inflationary pressures could persist and lead to a worse condition called stagflation.
Amid such concerns, a survey by Federal Reserve of New York has found that Americans’ fear of losing their jobs are currently highest since April 2020.
More Americans are afraid of losing their jobs and fewer Americans are hopeful of getting new jobs, according to the survey.
So far, however, there has not been any employment crisis. Last month, the US economy beat expectations to add 228,000 jobs.
Most people fear losing jobs since Covid-19: Survey
In March, 44 per cent people were fearful of unemployment rising within the next one year, which was 4.6 per cent more than the last survey.
The number of Americans afraid of losing jobs in the next 12 months climbed by 1.6 per cent to 15.7 per cent. This is a 12-month high.
While more people fear losing their jobs, fewer people are hopeful of finding new jobs.
The confidence of finding new jobs if they lose their current job fell by 0.1 per cent to 51.1 per cent.
Public trust in Trump continues to fall
This is the latest survey to show falling public trust in Trump’s policies.
Earlier this week, a survey by CBS News and YouGov found that 65 per cent Americans believe the economy will be worse off in the short term and 42 per cent believe it will be worse in the long term as well as a result of Trump’s policy.
Impact Shorts
More ShortsThe survey further found that 75 per cent Americans believe that prices are going to rise in the short term as a result of Trump’s tariffs.
Common Americans are not the only ones concerned about Trump’s policies. Economists have also flashed warning signs.
Despite Trump’s 90-day pause in country-specific tariffs, Goldman Sachs still sees 45 per cent recession odds and Moody’s has maintained recession odds at 60 per cent.
Moody’s Chief Economist Mark Zandi has said that he would not take much solace in the 90-day pause “as the global trade war continues to rage”.
In a post on X, Zandi said that 10 per cent universal tariffs, high tariffs on China, and sectoral tariffs ensure that the effective tariff rate is over 20 per cent and the way policy “is being made up on the fly, it generates lots of drama and uncertainty, which is another heavy weight on the economy”.
Zandi further said, “The most worrisome aspect is the volatility in the bond markets. Long-term rates have jumped. Historically, when there is a crisis, money flows into the US. We are money good — the AAA credit. Not this time. Global investors may be losing faith in the US If we are no longer the global safe haven, it will cost us dearly.”
 "Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?")
 "As Russia pushes east, Ukraine faces mounting pressure to defend its heartland")
 "Why Mossad was not on board with Israel’s strike on Hamas in Qatar")
 "Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe")
 "Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?")
 "As Russia pushes east, Ukraine faces mounting pressure to defend its heartland")
 "Why Mossad was not on board with Israel’s strike on Hamas in Qatar")
 "Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe")
