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Trade barriers will do U.S. no good, top Fed official says
November 28, 2017 / 12:53 AM / 19 days ago

Trade barriers will do U.S. no good, top Fed official says

NEW YORK, Nov 27 (Reuters) - Trade protectionism will not benefit the United States in the face of globalization, and the country should “temper the sharp edges of capitalism” with fiscal policies such as workforce development and employee retraining, an influential Federal Reserve official said on Monday.

“Putting up trade barriers will not make us better off,” New York Fed President William Dudley, who is set to step down in mid-2018, said at a forum hosted by University of California, Berkeley. Globalization “has benefits and costs,” he added when asked about U.S. President Donald Trump’s immigration policies, without commenting on them directly.

Reporting by Jonathan Spicer; editing by Diane Craft

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