According to online reports, Federal Reserve officials warned that the global trade war launched by U.S. President Trump, which caused the United States to lose its safe-haven status, may have a "long-term" impact on the U.S. economy. The latest Federal Reserve minutes show that some rate-setters are concerned about the decline in U.S. Treasury bonds, stocks and the U.S. dollar prices in the weeks after Trump announced sweeping tariffs on trading partners. "These participants noted that a continued shift in this correlation, or a weakening of U.S. assets 'status as safe havens, could have long-term effects on the economy," the minutes said. The FOMC meeting in early May was Trump's first meeting since the turmoil after the April 2 Liberation Day announcement of the tariff increase. Historically, during periods of market volatility, global investors have always flocked to U.S. assets rather than away.