Fed Arms Trump’s Doves With Proof of Tariff Pain: Terms of Trade

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If President Donald Trump kicked off 2019 saying the U.S. was reaping “MANY billions of dollars from the tariffs we are charging China,” the Federal Reserve had perhaps the year’s final say on the economic impact.

While many people celebrated the holidays last week, the U.S. central bank published a study trying to quantify the effect of the disputes between the U.S. and its major trading partners, particularly China.

The Dec. 23 paper ...