Trump tariffs likely to raise inflation and slow US economic growth – Fed chief

Federal Reserve chairman Jerome Powell speaking at a conference (Manuel Balce Ceneta/AP)

The Trump administration’s expansive new tariffs will likely lead to higher inflation and slower growth, and the Federal Reserve will focus on keeping price increases temporary, Fed chairman Jerome Powell has said.

Mr Powell said in written remarks that the tariffs, and their impact on the economy and inflation, are “significantly larger than expected”.