Tariffs to cause 'short-term bumps,' Trump economic adviser tells Fox Business

By Kanishka Singh

WASHINGTON (Reuters) - U.S. President Donald Trump's Council of Economic Advisers Chair Stephen Miran told Fox Business on Wednesday there will be short-term bumps caused by tariffs announced by Washington.

WHY IT'S IMPORTANT

Trump said on Wednesday that he would impose a 10% baseline tariff on all imports to the U.S. and higher duties on dozens of other countries, including some of the United States' biggest trading partners, deepening a trade war that has rattled global markets and bewildered U.S. allies.

Trading partners are expected to respond with countermeasures of their own that could lead to dramatically higher prices for products.

KEY QUOTES

Miran was asked how concerned he was about short-term price increase.

"Are there going to be short-term bumps as a result? Absolutely," Miran told Fox Business Network's "Kudlow" program.

"But what the president is focused on is a long-term transformation and improvement in the durability, sustainability and fairness of the American economy with respect to the rest of the world."

(Reporting by Kanishka Singh in Washington; Editing by Sandra Maler and Michael Perry)