FEDERAL RESERVE/TARIFFS/TAXES/TRADE DEALS/TRUMP AS PRESIDENT: “Federal Reserve Board policymakers raised concerns at their March meeting about the prospect of the United States heading into a global trade war, zeroing in on potential harm to American farmers such a clash would cause, according to minutes of the meeting released by the Fed on Wednesday [4-11-18]. The officials also expressed uncertainty about how newly enacted tax cuts would affect the economy, partly because the cuts are expected to exacerbate the swelling of federal budget deficits, and because some of the cuts are to expire in the years ahead. Policymakers also expressed unanimous, increased confidence in the strength of the country’s economic recovery, even accounting for trade and tax uncertainties. The minutes of the meeting, on March 20 and 21, provide more detail into the concerns being raised by the farm industry about the potential domestic impact of President Trump’s plan to impose a 25 percent tariff on imported steel and 10 percent on aluminum.”
-Jim Tankersley, “Fed Officials Have Concerns About Trade, March Meeting Minutes Show,” The New York Times online, April 11, 2018