Fed's Jerome Powell says trade barriers threaten wages and growth
21 July, 2018, 22:44 | Author: Regina Silva
Mumbai: The Indian rupee strengthened 21 paise to trade at 68.36 against the U.S. dollar in morning session at the interbank forex market on Tuesday.
Testifying on Tuesday (July 17) before the Senate Banking Committee, Powell was responding to lawmaker questions about the economic impact of President Donald Trump's tariffs.
Countries that adopt protectionist measures have historically fared worse than nations with open trade policies and fewer barriers, Powell said. The decline came after the airline had its flight hours reduced by regulators after an emergency incident, linked to a co-pilot smoking while on board an airplane, occurred last week, Reuters said, citing local state broadcaster China Central Television.
The International Monetary Fund warned Monday escalating trade tensions and tariff threats, if carried out, could disrupt global growth and derail investments. -China trade war. Easier monetary policy tends to weaken a currency.
"The economy is still good and interest rate still up, so that's good for the U.S. dollar and negative for gold for the time being".
"He basically completely dismissed any concerns about a trade tariff war", said Boris Schlossberg, director of FX strategy at BK Asset Management in NY.
After the 2008 financial crisis, the Fed kept its key policy rate at a record low near zero for seven years before starting a slow process of boosting rates in December 2015.
White House’s Kudlow blames China’s Xi for blocking…
Kudlow said other Chinese officials, including Vice Premier Liu He , a key economic advisor, are open to reducing tariffs but Mr. Xi is stalling. "You've got kids, millennials ... who have never seen a full-fledged long-lasting prosperity", Kudlow said.
The Fed chief also described recent inflation data as "encouraging", with consumer price inflation a little above the central bank's 2 percent target.
Trade has emerged as an uncertain factor in the Fed's future planning.
Powell was careful not to specifically criticise Trump's policies, which are created to pressure partners to reduce barriers against American goods.
In giving testimony to the US Congress on Tuesday, Powell painted a picture of an economy that was doing well despite global trade concerns.
In Novermber 2017, Powell acknowledged that "in the long, long run, cryptocurrencies and things of that nature could matter", adding that blockchain could be something that "may have significant applications in the wholesale payments part of the economy".
"Relatively unsophisticated investors see the asset go up in price, and they think, 'This is great; I'll buy this.' In fact, there is no promise of that".
After two percent GDP growth in the first three months of the year, "the latest data suggest that economic growth in the second quarter was considerably stronger than in the first", Powell told lawmakers.
That's probably little consolation to the auto workers whose jobs could be on the line if Trump presses forward with the tariffs. The Department of Commerce has received almost 2,400 comments from individuals and companies that can be found here .
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China will likely retaliate if additional tariffs are imposed, economists note, rather than simply knuckle under. China promptly levied taxes on the same value of U.S. products. "Now it is taking 15 days or longer".
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