FILE - In this Jan. 14, 2018, file photo Ford President and CEO Jim Hackett prepares to address the media at the North American International Auto Show in Detroit. (AP Photo/Carlos Osorio, File)
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From Ford to Walmart to Procter & Gamble, a growing number of iconic American companies are warning that President Donald Trump's tariffs on U.S. imports are raising their costs and prices.Asked about the Trump tariffs forcing up prices for America's consumers, Powell agreed that Fed officials are hearing from businesses about forthcoming higher costs.Ford buys most of its metals from U.S. producers, which have raised prices this year as a result of the tariffs on foreign competitors, the company has said.Ahead of the tariffs, U.S. metals producers raised prices as companies tried to buy before the tariffs went into effect, Nagle said. He said steel prices are up 25 percent since the tariffs began, and he expects that to rise to near 30 percent next year.Those tariffs would raise prices, slow auto sales and could cut U.S. economic growth in half by 2020, Nagle said.
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