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

Published 05/06/2019, 11:07 AM
Updated 05/06/2019, 11:10 AM
© Reuters. FILE PHOTO: Shipping containers are pictured at Yusen Terminals at the Port of Los Angeles in Los Angeles

(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."

© Reuters. FILE PHOTO: Shipping containers are pictured at Yusen Terminals at the Port of Los Angeles in Los Angeles

On Sunday, U.S. President Donald Trump said he would ratchet up tariffs on $200 billion 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.

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