US trade uncertainties sparked business ‘shock’: Fed’s Powell

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President Donald Trump's aggressive trade actions sparked a

President Donald Trump’s aggressive trade actions sparked a “shock” to business confidence which could impact the economy, and contributes to the case for cutting rates, Federal Reserve Chairman Jerome Powell said Wednesday.

Business confidence surveys turned “quite negative” in May — when Trump’s trade negotiations with China collapsed amid bitter accusations — and was “a bit of a confidence shock,” he said. Powell confirmed that the Fed is considering adjusting its stance to help the economy continue to grow.

 

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