Tariffs will hit US economy and raise prices, says Fed boss - MyJoyOnline

US economic growth will be hit and prices will rise for consumers as a result of new tariffs on goods entering the country, the head of America's central bank has warned.Jerome Powell, chair of the Federal Reserve, said the import taxes recently announced by President Donald Trump were larger than the bank had expected, going beyond the higher end of its estimates.His comments followed a period of turmoil on global stock markets as investors reacted to trade tariffs coming into force and the escalating trade war between the US and China.Powell said surveys of households and businesses reported a "sharp decline" in their sentiment over the economic outlook, largely due to tariff concerns.Since returning to office, Trump has stoked a trade war by introducing a 10% tax on goods being imported to the US from the vast majority of countries.He has escalated tariffs further with China by putting a 145% tax on Chinese goods, though there are some exemptions for smartphones. China has hit back...