Federal Reserve Chairman Jerome Powell warned that the Trump administration's tariffs on imports will slow the U.S. economy and raise inflation. Speaking at a business conference, he noted that the tariffs' economic effects could be larger than previously expected, pointing out potential persistent inflation. As a result, consumer goods prices are anticipated to rise, with the average household predicted to face a loss of $3,800. Areas like leather goods and groceries are expected to see significant price hikes due to these policies.
Powell emphasized that tariffs on imported goods would likely result in heightened inflation and slower growth, with effects more severe than previously anticipated.
The impact of tariffs could raise consumer goods prices significantly, with an average household potentially losing around $3,800 due to enforced tariffs.
Collection
[
|
...
]