(Reuters) - Chicago Federal Reserve Bank President Austan Goolsbee said on Tuesday that U.S. President Donald Trump's announced tariffs are "way bigger" than had been modeled, and it's unclear how quickly or fully those higher costs will be passed on to consumers and to what degree businesses and consumers may react by hunkering down, slowing the economy.

"We just lived through and learned what happens when inflation is raging out of control," Goolsbee said in an interview with Illinois Public Radio, in which he called tariffs a "negative supply shock" to which the Federal Reserve's response isn't necessarily clear.

"The anxiety is this is just going to take us back to a thing we spent the last five years desperately trying to get away from," he said.