The Federal Reserve's Beige Book survey reveals anxieties among US businesses about the potential economic impacts of President-elect Donald Trump's proposed policies on tariffs and immigration.
WASHINGTON, D.C. — US businesses nationwide are expressing anxieties about the potential economic repercussions stemming from President-elect Donald Trump's proposed policies aimed at increasing tariffs and drastically reducing immigration, according to a report released by the Federal Reserve (Fed) on Wednesday.
The Fed's 'Beige Book' survey, which provides a snapshot of economic conditions across the country, indicated that 'more contacts were optimistic about the outlook for 2025 than were pessimistic about it.' However, the report also highlighted that 'contacts in several Districts expressed concerns that changes in immigration and tariff policy could negatively affect the economy.' During his presidential campaign, Trump threatened to implement sweeping tariffs ranging from 10 to 20 percent on all goods imported into the United States, and vowed to carry out mass deportations of millions of undocumented immigrants. While it remains unclear whether Trump will enact these plans upon assuming office on Monday, manufacturers in numerous districts have reportedly started stockpiling inventories 'in anticipation of higher tariffs.'The Fed's 'Beige Book' revealed that in the Philadelphia district, inflation expectations surged due to concerns about 'deficits, tariffs, and immigration.' In the Dallas district, contacts 'noted concern about disruption from potential retaliatory tariffs on agriculture exports,' and expressed apprehensions that they would be compelled to pass on higher costs to consumers. Meanwhile, concerns in the Atlanta district were more widespread, encompassing 'labor shortages, worries over tariffs, and potential supply chain disruptions at east coast ports that would result from a labor strike,' according to the Fed.Despite these anxieties, businesses across the Fed's 12 districts reported a general uptick in economic activity during late November and December, the Fed stated. Prices, the Fed continued, increased modestly overall. Additionally, contacts indicated that they anticipate prices will 'continue to rise in 2025, with some noting the potential for higher tariffs to contribute to price increases.
ECONOMY TARIFFS IMMIGRATION BUSINESSES FEDERAL RESERVE
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