March 23, 2018 / 1:00 PM / 2 years ago

Fed's Bostic says need to wait before reacting to trade policy

KNOXVILLE, Tenn. (Reuters) - While protectionism and trade tariffs are bad for economic growth, actual U.S. policies put in place so far have not been as extensive as initially thought, limiting their negative impact, a Federal Reserve policymaker said Friday.

“One of the things I’ve tried to do, I’m learning to do this more and more, is wait,” Atlanta Federal Reserve Bank President Raphael Bostic said at the Knoxville Economic Forum. “Don’t react to the first sound of a policy but actually wait to see what policy actually gets put in place.” Steel and aluminum tariffs imposed by the Trump administration are being applied to a much smaller group of countries than when they were first announced, he noted.

Reporting by Ann Saphir; Editing by Chizu Nomiyama

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