A soft landing from inflation may still be in sight, but when Federal Reserve Chair Jerome Powell speaks in New York on Friday he will be facing a tangled set of new risks to that long-sought goal, from a global trade war that could reignite price pressures to hints public expectations may be shifting in a bad way for the U.

Trump’s new tariffs on Mexico, Canada and China have launched a trade war as the U.S.’s biggest trade partners retaliate.

The tariff actions, which could upend nearly $2.2 trillion in two-way annual U.S. trade, went live hours after Trump declared that all three countries had failed to do enough to stem the flow of the deadly fentanyl opioid.

The law firm business generally follows the health of the broader economy, which is being threatened by a prolonged trade war. Longer term, the tariffs implemented this week could cut 1.3% from US GDP and lead to a rise in the Federal Reserve’s preferred inflation measure, according to Maeva Cousin and Rana Sajedi of Bloomberg Economics.

Dutch food exports to the United States could be drastically reduced if former U.S. President Donald Trump follows through on his plan to impose a 25 percent import tariff on European goods. An analysis released by ABN AMRO on Thursday warns that this proposal could cut Dutch food exports to the U.

The European Central Bank is cutting interest rates by a quarter percentage point, lowering credit costs for consumers and businesses to support an economy that is struggling to show solid growth.