The Federal Reserve is going to announce its first interest rate decision since the ongoing trade war began, sparked by tariffs implemented by President Donald Trump.

This gesture comes less than two weeks after Fed Chairman Jerome Powell stated that tariffs would likely increase prices, but Trump's economic policies are still getting in place.

"We are focused on parsing the signal from the noise as the situation evolves," Powell said, according to ABC News. "We are not in a hurry."

The CME FedWatch Tool predicted that the rate would stay the same. If market pricing is correct the interest rate is in a 4.25%-4.5% range, according to CNBC News.

Trump earlier this month placed 25% tariffs on Canadian and Mexican goods, resulting in Canada imposing retaliatory tariffs. 

The European Union recently put a 50% tariff on whisky in the U.S., resulting in Trump threatening to place a 200% tariff on wines and champagne coming from France and other European Union countries.