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BREAKING NEWS

Fed's Harker says trade tensions are weighing on U.S. businesses

Fed's Harker says trade tensions are weighing on U.S. businesses
FILE PHOTO: The Federal Reserve building is pictured in Washington, DC, U.S., August 22, 2018. REUTERS/Chris Wattie/File Photo -
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Chris Wattie(Reuters)
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(Reuters) - Trade tensions are part of an "umbrella of uncertainty" around policy that weighs on businesses and markets, a top U.S. Federal Reserve official said on Monday.

"It's not a healthy thing for the economy overall," said Federal Reserve Bank of Philadelphia president Patrick Harker, referring to tariffs and trade barriers. "That said, we do want fair trade."

On Sunday, U.S. President Donald Trump said he would ratchet up tariffs on $200 billion (152.7 billion pounds) worth of imports from China, escalating the dispute marked by tit-for-tat duties between Washington and Beijing as ongoing talks were set to continue this week.

(Reporting by Trevor Hunnicutt in New York; Editing by Chizu Nomiyama)

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