(Reade Pickert & Christopher Condon – Bloomberg)
Federal Reserve Chairman Jerome Powell said protectionism can hurt economic growth and potentially undermine wages, just as the U.S. ratchets up trade tensions with commercial rivals as well as longstanding allies.
Testifying Tuesday before the Senate Banking Committee, Powell was responding to lawmaker questions about the economic impact of President Donald Trump’s tariffs.
“In general, countries that have remained open to trade, that haven’t erected barriers including tariffs, have grown faster. They’ve had higher incomes, higher productivity,” he said. “Countries that have gone in a more protectionist direction have done worse.” Click here to read more.
- Powell Backs More Rate Hikes as Economy Growing ‘Considerably Stronger’ (CNBC)
- Fed’s Powell: Years of Strong Jobs, Low Inflation Still Ahead (Reuters)