Economist gives Trump 'basic economics' class: 'Neither Trump nor his advisors understand'

A new study showed that 90% of Donald Trump's tariffs are paid by Americans, and an economist delivered to the president a "basic economics" lesson.

Peter Schiff, a financial commentator and radio personality who has been raising alarms about America’s affordability crisis, weighed in over the weekend. Previously, Trump himself went nuclear when Schiff did an appearance on Fox News.

“Why would Fox and Friends Weekend (of all things?) put on a ‘Stockbroker’ named Peter Schiff, a Trump hating loser who has already proven to be wrong. Either the show made a mistake, or it is heading in a different direction,” Trump wrote in December.

More recently, Schiff issued an ominous warning to the president.

Now, stockbroker Schiff has seized on the new study on Trump's tariffs.

"The N.Y. Fed just completed a study that found that 90% of Trump's tariffs are paid by Americans. Since this is such basic economics, there really was no need to conduct a study," he wrote before adding, "What should be most concerning is that neither Trump nor his advisors understand this simple concept."