[Morgan Stanley Chief Economist: Tariff Policies Will Drag Down U.S. Economic Growth Until 2026] Morgan Stanley Chief Economist Seth Carpenter stated in an interview with Germany's *Handelsblatt* that U.S. economic growth is slowing significantly, with tariff policies being one of the main drag factors. Their impact will continue to manifest in the coming months. He predicts that the U.S. economy will perform weakly in the fourth quarter of this year and the first quarter of next year, with economic growth potentially slowing to 1.25% by 2026, far below the 2.8% projected for 2024. Carpenter also pointed out that the U.S. labor market has clearly weakened, with job creation from March 2024 to March 2025 expected to be only half of the initial forecast. Meanwhile, U.S. industrial production has also begun to show signs of weakness, further exacerbating the risks of an economic slowdown.