ARLINGTON, Va. (AP) — The Trump administration’s expansive new tariffs will likely lead to higher inflation and slower growth, and the Federal Reserve will focus on keeping price increases temporary, Fed Chair Jerome Powell said Friday.

Jerome H. Powell, chair of the Federal Reserve, says the central bank’s “obligation” is to ensure that a “one-time increase in the price level does not become an ongoing inflation problem.”

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President Donald Trump announced an additional 50% tariff on goods imported from China, which could potentially double the price of Chinese imports. Trump's additional tariffs followed China's announcement that it was matching the "reciprocal tariff" Trump announced last week amid the new sweeping tariffs on US imports.

But prior to that sweeping levy, Trump had rolled out several other rounds of tariffs targeting particular countries and products. His 25% tariffs on auto imports began last Thurs

Crude oil now costs around 15 percent less than it did before the president revealed his plans to impose stiff new tariffs on imports from most countries.

U.S. President Donald Trump threatened to further increase tariffs on China on Monday, raising the possibility of further escalation in a trade war that has already wiped trillions of dollars from global markets.

President Trump's 104% tariffs on imports from China will go into effect overnight as Beijing refuses to withdraw its retaliatory tariffs.

From electric cars to TVs, phones and cameras, CNET experts weigh in on what you should consider buying now before tariffs increase prices.