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Fed chair says Trump’s trade wars are starting to worry businesses, and the end result could be ugly
Federal Reserve Chairman Jerome Powell said that it is too early to evaluate President Donald Trump's tariffs, but there is a chance that the policy could end up harming the US economy.
HOLD ON TO YOUR WALLET: Trump’s trade war with China is about to start hitting the goods you buy most
President Donald Trump wants to slap 10% tariffs on another $200 billion of Chinese exports to the US. The new proposal would hit consumer goods, most likely driving up prices and inflation.
US consumers and businesses are already starting to feel the pain from Trump’s trade war, and the worst is yet to come
President Donald Trump's tariffs on steel, aluminum, Chinese products, and more are raising some prices for consumers and causing uncertainty for US businesses. The economic pain could also get worse as Trump goes forward with other trade attacks.
The UK’s Office for National Statistics (ONS) will now take into account online prices, to measure the "Amazon effect" on the changing cost of goods and services in the economy, the Telegraph reported.
Venezuela's inflation rate has hit a new high, according to university research, with consumer prices in the crisis-ridden country rising by more than 40,000% annually for the first time on record.
The White House has asserted the US has the whip hand in a tariff fight between the world's largest economies — with a senior economic adviser saying "it's clear China has much more to lose" and the president himself declaring that "trade wars are easy to win" — but economists widely disagree.
The US dollar rallied to an 11-month high Tuesday as trade tensions between the US and China soared, pushing markets to poise for faster inflation and a more hawkish Federal Reserve.
The Argintine peso is climbing against the dollar after a switchup in leadership at its central bank, which hasn't been able to prop up the country's flailing currency despite landing the biggest International Monetary Fund bailout in history.
OPINION: After a combo of a weak USD and wage growth stoked inflation fears in the beginning of the year, maybe we started worrying too much about the wrong thing. Maybe the world is still caught in a deflationary trap, and the Federal Reserve and Wall Street are waiting for the wrong disaster.