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American Focus > Blog > Economy > Steve Cohen says tariffs, DOGE’s cuts are negative for economy
Economy

Steve Cohen says tariffs, DOGE’s cuts are negative for economy

Last updated: February 21, 2025 10:30 pm
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Steve Cohen says tariffs, DOGE’s cuts are negative for economy
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Billionaire investor Steve Cohen, the chairman and CEO of Point72, expressed his concerns about the U.S. economy during a recent interview with CNBC on April 3, 2024. Cohen’s pessimistic outlook stems from a combination of factors, including punitive tariffs, immigration restrictions, and federal spending cuts initiated by the Department of Government Efficiency.

Cohen, who typically holds a bullish stance on the economy, revealed that he has recently become bearish due to President Donald Trump’s aggressive trade policies. He believes that these policies could lead to inflationary pressures and reduced consumer spending. Additionally, Cohen highlighted the potential impact of immigration restrictions on the labor force, which could hinder economic growth.

In particular, Cohen criticized Elon Musk’s cost-cutting initiatives at DOGE, expressing concerns that they could further harm the economy. Musk has proposed slashing federal spending by $2 trillion, a move that Cohen believes could have negative consequences on the economy.

Looking ahead, Cohen predicts a slowdown in the stock market and a decrease in U.S. economic growth to 1.5% from 2.5% in the second half of the year. While he anticipates a period of uncertainty and potential market correction, he does not foresee a catastrophic outcome.

Overall, Cohen’s warning about the economic challenges facing the U.S. serves as a reminder of the importance of monitoring macroeconomic trends and being prepared for potential market fluctuations. As investors navigate the evolving economic landscape, staying informed and adaptable will be key to weathering any potential storms.

See also  Homeowners spend on renovations and repairs despite the uncertain economy and higher prices
TAGGED:CohencutsDOGEsEconomynegativeSteveTariffs
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