Federal Reserve Chair Jerome Powell on Wednesday said the US central bank is still struggling to determine the impact of tariffs on consumer prices.“The question is, who’s going to pay for the tariffs?

The Trump administration's tariff plans may well just cause a one-time jump in prices, but the risk it could cause more persistent inflation is large enough for the central bank to be careful in considering further rate cuts,

Some GOP senators criticized Powell, however, for characterizing tariffs as a potential driver of inflation. Sen. Pete Ricketts, a Republican from Nebraska, argued that the duties could simply act as a one-time increase in prices that wouldn’t fuel inflation.