Fed Chair Warns Protectionist Countries Fare Worse

Federal Reserve Chair Jerome Powell responds to a question from South Carolina Republican Tim Scott about the impact of tariffs, saying that countries who go in a protectionist direction tend to fare worse than countries who favor open markets. "in general, countries that have remained open to trade, that haven't erected barriers, including tariffs, have grown faster, have higher incomes, higher productivity. And countries that have gone in a more protectionist direction have done worse. That's the empirical result," Mr. Powell says. close