President Donald Trump's harsher-than-expected global tariffs sent economists scrambling to revise their economic estimates. They project the U.S. economy faces higher inflation, slower growth, and greater recession risks.

Federal Reserve Chair Jerome Powell said Trump tariffs are likely to raise inflation and slow economic growth.

Fed Chair Jerome Powell warned on Friday that President Donald Trump’s sweeping tariffs would likely push inflation higher, dampening investors’ hopes that the central bank would cut interest rates later this year.

Federal Reserve Chair Jerome Powell said President Trump's tariffs are likely to cause inflation to rise at least temporarily, though the extent and duration is unclear.

Fed Chair Jerome Powell warns Trump's tariffs may raise inflation, slow growth; S&P 500 falls 4% as economic outlook dims. Follow Newsweek's live blog.

After months of delays, President Donald Trump's contentious tariff barrage is now in effect. It imposes a wide variety of new import duties that are the steepest seen in nearly a century and that affect all of the country's trade partners.

Consumers are also likely to feel the pinch of tariffs in home buying, Breyault said. The new taxes on building materials are estimated to increase the average costs of a new home by $9,200, according to an analysis by the National Association of Home Builders.

President Donald Trump has said his new tariffs, which start rolling out Saturday, will bring in enough money to "make America wealthy again." "We're going to start being smart and we're going to start being very wealthy again,