March 7, 2018 / 2:03 PM / a year ago

Atlanta Fed's Bostic says Fed needs to take wait and see approach to possible tariffs

President of the Federal Reserve Bank of Atlanta, Raphael W. Bostic seen in this handout photo obtained by Reuters October 6, 2017. Federal Reserve Bank of Atlanta/Handout via REUTERS

FORT LAUDERDALE, Fl. (Reuters) - Atlanta Federal Reserve bank president Raphael Bostic said the central bank needs to take a wait-and-see attitude over the impact of the Trump administration’s proposed tariffs.

The levies could be challenged in court or in Congress, Bostic said.

“There has not actually been anything done yet. We have to take a wait-and-see attitude,” Bostic said. “The claim that there are national security interests in these tariffs could be challenged.... The Congress could just change the law and say don’t do this anymore.”

Reporting by Howard Schneider, Editing by Franklin Paul

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