At the Chicago Federal Reserve Bank’s 31st Annual Automotive Insights Symposium, Chicago Federal Reserve Bank CEO Austan Goolsbee addressed the question of Donald Trump’s tariffs on Mexico, Canada, and China.

Stressing that the views were his and not those of the Federal Reserve, Goolsbee warned that the implications of the Trump tariffs could include significant impacts on supply chains and, as a result, the economy.

“Until recently, economists paid little attention to supply chains,” Goolsbee said. “Then, in 2020, we all found out the hard way how much they can matter for the economy and for inflation. As we seem to be entering a new period of risks to the global supply chain, some of the lessons we learned during the Covid-19 pandemic may have a direct bearing on monetary policy decision-making in the coming months.”