San Francisco Fed president on Trump tariffs: 'Very prepared' to assess impact

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San Francisco Fed president on Trump tariffs: 'Very prepared' to assess impact
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The Fed doesn't have a Trump tariff forecast ready as the central bank doesn't 'think in hypotheticals,' says San Fran president Mary Daly, but it 'doesn't usually derail growth.'

As the U.S. economy’s future takes the forefront with 2024 soon coming to an end, the Federal Reserve Bank of San Francisco’s president detailed what Trump's tariffs and rate decisions could mean for markets. Speaking with FOX Business’ Edward Lawrence in an exclusive interview on Tuesday, Mary Daly directly answered what may happen if a 10% tariff on goods imported through the Port of Los Angeles is implemented.

In a subsequent Truth Social post, Trump added that he would institute an additional 10% tariff on all Chinese goods being imported into the U.S. over the "massive amounts" of drugs, in particular fentanyl, being smuggled into the country. Daly clarified that the Fed does not have a tariff forecast model in place, as it falls under the category of "hypothetical." "We know historically how tariffs impact the economy. There's a lot of work there.

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