Former Treasury Chief Warns of Looming U.S. Financial Crisis: ‘Prepare for Impact’

Former U.S. Treasury Secretary Lawrence H. Summers has warned that escalating tariffs and erratic trade policies are pushing the U.S. toward a financial crisis.

He pointed to the government’s tariff strategy, particularly the recent 125% tariff on Chinese imports, as a major factor destabilizing the economy. Summers likened the U.S. to an emerging market in crisis, with rising interest rates and market downturns amplifying fears of economic collapse. He urged President Trump to reverse course, stressing that this instability is self-inflicted and could trigger further financial turmoil. Including damage to debt stability and global confidence.

Clever Robot News Desk 12^th April 2025