Fed Chair says U.S. trade policy becomes concern of business groups

WASHINGTON, March 21 (Xinhua) -- U.S. Federal Reserve Chairman Jerome Powell said on Wednesday the Trump administration's trade policy has become a concern for business groups.

"A number of participants in this FOMC (Federal Open Market Committee) did bring up the issue of tariffs," Powell said at his first press conference as the head of the central bank, referring to its policymaking committee.

"If I could summarize what came out of that, it was, first, that there's no thought that changes in trade policy should have any effect on the current outlook," Powell said.

However, "a number of participants reported that about their conversations with business leaders around the country and reported that trade policy has become a concern going forward for that group," he said.

Powell's remarks came as the Trump administration was reportedly considering broad tariffs against Chinese imports despite growing dissents from business groups.

In a letter to President Donald Trump on Sunday, forty-five U.S. trade associations, representing retail, technology, agriculture and other consumer-product industries, urged the administration not to move forward its tariff plan on Chinese imports, as it would hurt U.S. consumers and companies.

Chinese Foreign Ministry spokesperson Hua Chunying also reaffirmed on Wednesday that no one will emerge a winner from a trade war.

She reaffirmed that if the United States makes moves that harm Chinese interests, China will undoubtedly take necessary measures to safeguard its legitimate rights and interests. Enditem