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The main shadow on the horizon was a concern that rising import costs would squeeze profitability.
Capital outflows should weaken the domestic currency, and that should lead to rising import demand from abroad.
But, he said, the risks of inflation had increased as a result of rising import prices -- for oil in particular.
In all the others, King said either the depreciation of the pound or rising import prices underpinned rising domestic prices.
Trump acted following a determination by the Commerce Department earlier this month that rising import volumes threatened U.S. national security.
But rising import penetration means that a given increase in domestic demand pulls in a lot more imports than it used to.
Similar(37)
Today shares in Fyffes, a major banana importer, jumped by more than 6% on the prospect of rising imports.
Although exports fell, the main reason for the deterioration in the deficit was rising imports.
Falling exports and rising imports contributed about equally to the widening gap with China.
Rising imports continue to widen the trade deficit and hamper growth.
This was among the demands of the domestic industry, which has been complaining about rising imports.
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