WASHINGTON - MAY 14: Former Federal Reserve Chairman Paul Volcker testifies before the Joint ... More Economic Committee May 14, 2008 on Capitol Hill in Washington, DC. The full committee met for ...

Former Federal Reserve Chairman Paul Volcker (Diana Walker/Getty Images) The Trump administration has claimed that the shock of tariffs will soon wear off and usher in an era of American prosperity.

WASHINGTON - MAY 14: Former Federal Reserve Chairman Paul Volcker testifies before the Joint ... More Economic Committee May 14, 2008 on Capitol Hill in Washington, DC. The full committee met for ...