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NEW YORK (Reuters) -Federal Reserve Bank of New York President John Williams said Tuesday he expects Trump administration tariffs to drive up inflation to some degree, while reckoning that for now, central bank interest rate policy is in the right place and does not need to be changed. “My view is, based on what we know today, given all the uncertainties around that, I do factor in some effects from tariffs now on inflation, on prices, because I think we will see some of those effects later this year,” Williams said at an event held by Bloomberg in New York. The official noted that tariffs that hit consumer goods could flow though quickly to inflation while other parts of the economy might see a slower moving impact.

A U.S. economy praised for its surprising resilience to a pandemic, high inflation, and rapid interest rate hikes faces a new challenge from President Donald Trump's self-declared trade war, seen by economists as a recipe for fewer jobs, slower growth, and higher prices. The fallout, assuming Trump does not backtrack in the face of falling stock markets and cracks to consumer and business sentiment, is expected to be broad, deep and time-consuming as the world's largest economy adjusts to the overnight shock of a 25% tariff on most goods coming from Mexico and Canada, both close trading partners and geographic neighbors, and an additional 10% duty on imports from China. Canada and China have announced retaliatory tariffs on U.S. imports, while Mexico is expected to do so this coming weekend.

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Concern about U.S. import duties “is clearly influencing how people are thinking about inflation this year,” New York Federal Reserve Bank President John Williams said.