Trump tariffs 'without modern precedent': US Fed official | ABS-CBN
ADVERTISEMENT

Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!
Trump tariffs 'without modern precedent': US Fed official
Trump tariffs 'without modern precedent': US Fed official
Agence France-Presse
Published May 09, 2025 08:59 PM PHT

WASHINGTON, United States — The size of US President Donald Trump's recent tariff announcements are "without modern precedent," a senior Federal Reserve official said Friday, voicing concern the measures will slow growth and stoke inflation.
WASHINGTON, United States — The size of US President Donald Trump's recent tariff announcements are "without modern precedent," a senior Federal Reserve official said Friday, voicing concern the measures will slow growth and stoke inflation.
"In my view, higher tariffs could lead to disruption to global supply chains and create persistent upward pressure on inflation," Fed Governor Michael Barr said during a speech in Reykjavik, Iceland, according to prepared remarks.
"In my view, higher tariffs could lead to disruption to global supply chains and create persistent upward pressure on inflation," Fed Governor Michael Barr said during a speech in Reykjavik, Iceland, according to prepared remarks.
Barr, the former Fed vice chair for supervision, said the recent measures could snarl global trade networks, and warned that some suppliers may not be nimble enough to adapt in time.
Barr, the former Fed vice chair for supervision, said the recent measures could snarl global trade networks, and warned that some suppliers may not be nimble enough to adapt in time.
He did not refer to the US president by name, instead referring to the "uncertainty" kicked up by the new trade policies he is responsible for.
He did not refer to the US president by name, instead referring to the "uncertainty" kicked up by the new trade policies he is responsible for.
ADVERTISEMENT
"The size and scope of the recent tariff increases are without modern precedent," Barr said. "We don't know their final form, and it is too soon to know how they will affect the economy."
"The size and scope of the recent tariff increases are without modern precedent," Barr said. "We don't know their final form, and it is too soon to know how they will affect the economy."
But, he added, the bank's monetary policy was currently "in a good position to adjust as conditions unfold."
But, he added, the bank's monetary policy was currently "in a good position to adjust as conditions unfold."
The US central bank this week announced it would extend a recent pause in rate cuts as it looks to maintain stable prices and maximum employment, leaving its benchmark lending rate at between 4.25 and 4.50 percent.
The US central bank this week announced it would extend a recent pause in rate cuts as it looks to maintain stable prices and maximum employment, leaving its benchmark lending rate at between 4.25 and 4.50 percent.
ADVERTISEMENT
ADVERTISEMENT