Tariff Concern Seen in Fed’s Beige Book

Despite a relatively strong general economy, the Federal Reserve’s Beige Book highlights growing anxiety over trade and tariffs. Nearly all of the 12 Fed districts report moderate economic growth, but the downturn in the farm economy was discussed. The Minneapolis Fed reports a substantial number of dairy operations have exited the business. The benefits of the new U.S.-Mexico-Canada Agreement were described as “too small and too far in the future” to provide much help. The report also cites a producer of dry edible beans who had a large regular annual order from the European Union canceled due to tariffs.