The news of President Donald Trump’s recent tariff policy has rocked global markets and has sent the U.S. economy down an uncertain path.
On Apr. 2, dubbed “Liberation Day,” President Trump announced an unprecedented tariff plan that imposes a 10% universal tariff on all countries worldwide, with some potentially slated to face even higher reciprocal tariffs. Trump’s idea here is to make tariff policies between the U.S. and other nations “fair,” but the long-term effects of his policy are still unknown.
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With the U.S. in the throes of a massive trade war, it’s difficult not to freak out with near constant news coverage of how tariffs may cause financial turmoil for, well, everyone. However, one important individual says more time is needed to assess the impacts of Trump’s tariff policy and that patience is necessary.
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Patience Is Key With Trump’s Tariff Policy
CNBC reported that the president and CEO of the Federal Reserve Bank of Cleveland, Beth Hammack, said that patience is important to assess Trump’s recent tariff policy.
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“I think we need to be patient. I think this is a time when we want to make sure we’re moving in the right direction, [rather] than moving too quickly in the wrong direction,” Hammack explained to CNBC’s “Squawk Box.”
“So, I would rather take our time to make sure we’re looking at the data, the hard data… which are actually really good.”
The U.S. and the world are just one month into Trump’s ongoing tariff policy, and the full effects of it remain to be seen. It’s important to stay informed of how this evolving policy may impact your finances moving forward.
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Sources
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The White House, “Fact Sheet: President Donald J. Trump Declares National Emergency to Increase our Competitive Edge, Protect our Sovereignty, and Strengthen our National and Economic Security.”
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CNBC, “Fed’s Hammack calls for patience in assessing what impacts tariffs will have on the economy.”
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Federal Reserve Bank of Cleveland, “Beth M. Hammack.”
This article originally appeared on GOBankingRates.com: Fed’s Hammack: Important To Be Patient To Assess Tariffs’ Impact on Economy
