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American Focus > Blog > Economy > Trump tariffs could reheat inflation if countries retaliate
Economy

Trump tariffs could reheat inflation if countries retaliate

Last updated: November 10, 2024 5:50 pm
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Trump tariffs could reheat inflation if countries retaliate
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Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis, recently expressed concerns about the potential long-term inflation impact of President-elect Donald Trump’s tariff proposals. In a recent interview on CBS’ “Face the Nation,” Kashkari stated that one-time tariffs should not have a significant effect on inflation in the long run. However, he warned that if a tit-for-tat situation were to arise with global trade partners retaliating against the U.S., it could escalate and create more uncertainty.

Trump’s trade policies have already sparked tensions with China, leading to a trade war characterized by retaliatory tariffs. As Trump plans to impose universal tariffs on all imports from all countries, with a targeted 60% rate on China, concerns have been raised by economists, Wall Street analysts, and industry leaders about the potential inflationary impact of such measures.

The Federal Reserve recently implemented its second consecutive interest rate cut in an effort to loosen monetary policy as inflation approaches the central bank’s 2% target. Kashkari suggested that another rate cut may be on the horizon in December, depending on the economic data at that time.

In addition to trade policies, Trump’s proposed sweeping immigrant deportation plan has also raised uncertainty about its inflationary impact. Kashkari indicated that the Fed is taking a “wait and see” approach before making any adjustments to its policy.

Despite calls from Trump and his supporters, like Elon Musk, for input on Fed policy decisions, Kashkari emphasized the importance of the central bank’s political independence. He reassured that the Fed will continue to focus on economic factors when making policy decisions, rather than succumbing to political pressures.

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In conclusion, Kashkari remains confident that the Fed will prioritize economic stability in its decision-making process, regardless of external political influences. As inflation trends continue to evolve, the Fed will closely monitor the data and make adjustments as necessary to support the health of the U.S. economy.

TAGGED:CountriesInflationreheatretaliateTariffsTrump
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