Donald Trump unleashed China tariffs during his first term that essentially sparked a trade war after the country retaliated with its own U.S. import taxes

The Federal Reserve's Neel Kashkari cautioned that if the tariffs trigger a tit-for-tat response, it could create significant challenges and uncertainty.

Minneapolis Federal Reserve President Neel Kashkari reportedly said on Sunday that retaliatory tariff increases by other countries in response to potential tariff raises by President-elect Donald Trump will create a lot of uncertainty.

The Fed lowered rates by 25 basis points to a 20-month low, but economists say tariffs may throw a wrench in the rate cutting cycle.

Jason Furman, former chairman of the Council of Economic Advisers, says he expects the Federal Reserve to cut rates again in December, but after that, the pace of cutting will slow down. He's on "." (

The Federal Reserve has issued another cut to its benchmark interest rate, but unfortunately for homebuyers, it won't translate to lower mortgage rates in the short term. As expected, the Fed cut its policy rate by a quarter-point on Thursday,