Trump has touted the $125 billion in revenue his already-existent import taxes have brought in, with hundreds of billions more pledged by a handful of nations in the form of investments. Yet it’s come at the cost of slower economic growth and the prospect of already stubborn inflation reheating.

President Donald Trump unveiled new tariffs Thursday on nearly 70 countries -- including a blistering 35 percent on neighbor Canada -- as he seeks to reshape global trade to benefit the US economy. Trump raised duties on nearly 70 economies,

The Fed has adopted a wait-and-see approach as it observes the effects of Trump's tariffs. A decision to hold interest rates steady would indicate persistent concern among Fed policymakers about the possibility of substantial inflation as a result of the tariffs, analysts said.