Top economists express concerns about tariffs, immigration at Dallas summit

Some of the world's top economists met in Dallas today to talk about a growing number of issues affecting consumers and their bank accounts.

The Federal Reserve Bank of Dallas and the Peterson Institute for International Economics (PIIE) held the day-long summit.

The PIIE is a private, nonprofit public policy think tank located in Washington D.C.

Trump Tariffs

The panelists talked about the implications of the ongoing tariff war since the White House has put a 90-day pause on tariffs for all countries. This pause excludes China, which was hit with a tariff totaling 145%.

Top economists expressed concerns, such as the President and CEO of the Federal Reserve Bank of Dallas, Lorie Logan.

"Regarding the economic outlook, higher-than-expected tariffs will very likely raise both unemployment and inflation," said Logan.

Former Treasury Secretary Janet Yellen told CNN that the tariff war is "the worst self-inflicted wound that I have ever seen an administration impose on a well-functioning economy."

Immigration

Panelists also discussed the possible implications of declining immigration.

When it comes to immigration, President Trump on Thursday also said that he's going to allow farmers to recommend migrant workers who can remain in the country for a while and eventually be admitted to the country with legal status.

While policies continue to ebb and flow, economists say the price of goods and services could continue to rise, ultimately hurting consumers.

With all this economic uncertainty, the big takeaway for consumers is to watch the way you're spending your money.

This event is the first in a two-part conference series. The group will meet again in Washington D.C. in the Fall.

Peterson Institute for International Economics, Nonresident Senior Fellow, Alejandro Werner, made comments about immigration concerns on the economy.

"We need a lot of discussion and thinking about the key issues related to trade and migration to Mexico and the U.S.," said Werner. "The sustained burst of inflation could leave households and businesses to expect further price increases."

What they're saying:

At an open cabinet meeting Thursday, President Trump told reporters he was "We're very happy with the way the country's running."

The best-known lever available to the fed is the power to control interest rates and, in this case, Fed chair Jerome Powell is still in wait-and-see mode.

What's next:

The event is the first ina two-part conference series. The group will meet again in Washington D.C. in the fall.