U.S. firms concerned about Trump tariff, immigration plans: Fed

U.S. businesses across the country are concerned about the economic impact of President-elect Donald Trump's proposals to raise tariffs and sharply curtail immigration, the Federal Reserve said Wednesday.

"More contacts were optimistic about the outlook for 2025 than were pessimistic about it," the US central bank said in its "Beige Book" survey of economic conditions.

However, "contacts in several Districts expressed concerns that changes in immigration and tariff policy could negatively affect the economy," it said.