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Fed will ignore G-7 trade spat and announce new rate hikes, economist says

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June 11, 2018

The Federal Reserve is due to announce another rate hike this Wednesday and won’t take any notice of the spat between the U.S. and its Western allies over trade tariffs, an economist told CNBC Monday.

Market players are monitoring the rhetoric surrounding trade between the U.S. and the other six world-leading economies after divergences at the Group of Seven (G-7) summit over the weekend.

U.S. President Donald Trump revoked his support for a joint statement after the meeting, following comments from Canadian Prime Minister Justin Trudeau. The latter said though he did not want to “punish American workers”, he would be pressing ahead with retaliatory tariffs against the U.S.

As a result, President Trump called Trudeau “dishonest and weak” and warned the other G-7 leaders that retaliation against his tariffs on steel and aluminum imports, first announced in March, would be a mistake.

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This article was posted: Monday, June 11, 2018 at 6:36 am

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