Trump’s tariffs may increase prices- Fed

American shoppers may face higher prices if US President Donald Trump goes ahead with some of his proposed tariffs, the US central bank has warned.

Minutes from the Federal Reserve’s January meeting released on Wednesday revealed members of its committee believe Trump’s policies might “hinder the disinflation process”.

“Business contacts in a number of districts had indicated that firms would attempt to pass on to consumers higher input costs arising from potential tariffs,” the minutes said. – BBC