Chicago Fed President Evans Speaks on Trump’s Trade Policies, Immigration
According to Chicago Federal Reserve President Charles Evans, ongoing trade tensions are hurting business investment in the US and could potentially weaken economic growth. Evans had previously supported the 0.25% rate cut by the Fed in July and his most recent comments hint at an impending rate cut in September on account of trade uncertainty.
According to Evans, “When businesses are weighing whether or not to make substantial investments, uncertainty tends to slow down such decisions.” He also hinted that imposing limits on trade and immigration, two of Trump’s favorite concerns, could lower the US economy’s growth in the long-term.
Trump has previously stated that his protectionist policies on trade and immigration could boost US economic growth to 3%. However, Evans feels that these developments could reduce competition and productivity among businesses, and cause a slowdown in growth to a mere 1.5%.
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