An analysis by the Federal Reserve Bank of Kansas City found that tariffs may have slowed job growth in the U.S. economy in 2025 after higher import taxes were implemented. Economists at the Kansas City Fed noted that employment growth slowed markedly from 170,000 per month in 2024 to only 75,000 per month through August 2025, a trend that Fed policymakers have monitored closely and which helped prompt three interest rate cuts at the central bank's meetings in September, October and December.The report note ...