Trade war concerns emerge in Federal Reserve's Beige Book business survey

The Federal Reserve's latest "Beige Book", a summary of the state of US business across the central bank's 12 regional districts published on Wednesday, featured an explosion in references to import tariffs as American firms estimated the impact of the Trump administration's newest trade policies.

The words "tariff" or "tariffs" appeared 36 times in the 32-page Beige Book report, compared with 20 references in total from all of the reports compiled over the past two decades, according to a review.

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