The Federal Reserve’s first deep look at the economy since President Trumped imposed tariffs on the rest of the world showed the U.S. still expanding steadily, but “pervasive” uncertainty threatened to curtail growth in the months ahead.

Pervasive” uncertainty over President Donald Trump’s shifting tariff plans loomed large across the US in recent weeks, the Federal Reserve said Wednesday (Thursday AEST) in its Beige Book report. Economic activity was little changed since the previous report,

Remarks by President Trump and his Treasury secretary fueled a rebound in markets, highlighting how Wall Street is influenced by news about the White House’s policy intentions.

Chief executives of Walmart, Target and Home Depot reportedly warned Trump that supply chain disruptions would lead to empty shelves at U.S. stores in weeks.