Inflation increases against backdrop of higher tariffs
Inflation in the US crept up in November, posing a challenge for the Federal Reserve in its efforts to continue trimming interest rates, while President-elect Donald Trump floated expanded tariffs. "The possibility the incoming US administration will impose new tariffs on Canadian exports to the United States has increased uncertainty and clouded the economic outlook," the bank's statement said. US President Joe Biden, in a speech at the Brookings Institution in Washington on Tuesday, said of Trump's tariff proposals: "He seems determined to impose steep, universal tariffs on all imported goods brought into this country on the mistaken belief that foreign countries will bear the cost of those tariffs, rather than the American consumer." "If Trump goes ahead, let's just say on day one, and announces tariff hikes of 60 percent … these would be added tariffs; this would be added to the current, whatever, 25 percent tariff," she said on Tuesday in remarks at the third annual Big Data China conference hosted by the Center for Strategic and International Studies.
US Federal Reserve could be in difficult spot with higher prices, slower hiring
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