Business leaders across the country told Federal Reserve officials that they will try to pass along to consumers any higher costs resulting from potential Trump tariffs, according to minutes of the central bank’s January meeting,

WASHINGTON (Reuters) - President Donald Trump's initial policy proposals stoked concern at the Federal Reserve about higher inflation, with firms telling the U.S. central bank they generally expected to raise prices to pass through the cost of import tariffs, policymakers said at a meeting held about a week after Trump's January 20 inauguration.

Federal Reserve policymakers noted the potential for higher tariffs to contribute to inflation remaining above the central bank's 2% target rate in the minutes from their last meeting.