Tariffs Could Cause Inflation to Persist, Weigh on US Growth, Says Fed Chair Powell

President Donald Trump’s sweeping tariffs could lead to persistent inflation and slower economic growth, Federal Reserve Chair Jerome Powell said on April 4. The White House recently unveiled its sweeping trade agenda, revealing 10 percent baseline universal tariffs and higher reciprocal levies on advanced and developing economies. The central bank chief said that the U.S. tariff rates were higher than expected, which could have adverse economic effects, such as higher inflation and slower growth. “While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent,” Powell stated in prepared remarks at the Society for Advancing Business Editing and Writing Annual Conference....