US economy faces long-lasting damage from trade war: Federal Reserve official

The outbreak of the new coronavirus in China adds another risk factor to the outlook, which otherwise seemed poised to provide steady growth, said Loretta Mester, president of the Federal Reserve's regional bank in Cleveland.[WASHINGTON] The trade conflict of the past two years likely left a mark on the US economy, even with the recent agreement to defuse the situation, a Federal Reserve official said on Monday.

The outbreak of the new coronavirus in China adds another risk factor to the outlook, which otherwise seemed poised to provide steady growth, said Loretta Mester, president of the Federal Reserve's regional bank in Cleveland. "At this point, it is difficult to assess the magnitude of the economic effects, but this new source of uncertainty is something I will be carefully monitoring," she said of the epidemic.

With the partial agreement signed with China to call a truce in the dispute with Beijing - despite leaving many tariffs in place - as well as a new continental free trade pact with Canada and Mexico, Mester said the trade picture is"somewhat better" heading into 2020. "Nevertheless, some long-lasting effects arising from the trade war are likely," she said in a speech to the National Association for Business Economics.

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