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Trump tariffs could put Fed in a bind, warns its chairman
The Straits Times
|April 18, 2025
US President Donald Trump's tariffs will likely push up prices and constrain growth, and could put the Federal Reserve in the unenviable position of having to choose between tackling inflation and unemployment, said the US central bank's chairman on April 16.
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CHICAGO - US President Donald Trump's tariffs will likely push up prices and constrain growth, and could put the Federal Reserve in the unenviable position of having to choose between tackling inflation and unemployment, said the US central bank's chairman on April 16.
"Tariffs are highly likely to generate at least a temporary rise in inflation," Fed chairman Jerome Powell told the Economic Club of Chicago, warning that the inflationary effects "could also be more persistent".
"Avoiding that outcome will depend on the size of the effects, on how long it takes for them to pass through fully to prices, and, ultimately, on keeping longer-term inflation expectations well anchored," he added, echoing similar remarks earlier in April.
This story is from the April 18, 2025 edition of The Straits Times.
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