Jerome H. Powell, chair of the Federal Reserve, says the central bank’s “obligation” is to ensure that a “one-time increase in the price level does not become an ongoing inflation problem.”

Inflation is likely to pick up because of President Donald Trump’s sweeping tariffs, and could remain elevated, Federal Reserve Chair Jerome Powell said Friday. “We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation,

The Washington Post reported that Trump's final tariff rate selections were made just three hours before Wednesday's announcement.

President Donald Trump imposed the steepest American tariffs in a century, stepping up his campaign to reshape the global economy and unnerving investors who see a trade war as a risk to US growth.

Donald Trump announced a sweeping new set of reciprocal tariffs on Wednesday, arguing that they would allow the United States to succeed. Trump's tariffs, which he imposed via executive order, are expected to send economic shockwaves around the world.

Asian shares slid further Friday after U.S. President Donald Trump’s tariffs sent shudders through financial markets at a level of shock unseen since the COVID-19 pummeled world markets in 2020. Trump announced a minimum tariff of 10% on global imports,

Trump reacted for the first time on Thursday to the fallout from his tariff announcement, which included markets nosediving and foreign leaders threatening retaliation.

President Donald Trump followed through on his campaign tariff promise – but at levels that surprised both markets and economists. CNN’s Richard Quest said the plan will send the world’s economy in reverse and accused Trump of saying things he knows will not happen.