The Federal Reserve may need to cut interest rates sharply to prop up the US economy if Donald Trump follows through on his threat to resume big “reciprocal” tariffs, a top official at the central bank has warned.
Christopher Waller, a Federal Reserve governor, said on Monday that if the US president reimposes the levies unveiled on April 2, then the US central bank would be forced to quickly make a series of “bad news” rate cuts.
Trump last week suspended the “reciprocal” tariffs for 90 days shortly after they were imposed amid market ructions over measures Waller said would put the effective levy on US imports at more than 25 per cent — up from 3 per cent in December 2024.
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