Donald Trump, the president of the United States, announced on Sunday that he would not replace Jerome Powell as chairman of the Federal Reserve Board before his word came to an end in May 2026, while also calling the main banker” a complete stiff” and repeated requests for the Fed to lower interest rates.
Trump claimed in an interview with” Meet the Press with Kristen Welker” on NBC News that he was not a fan of Powell but that he anticipated a Fed rate reduction at some point. He may lower them, I suppose. And he’ll do it eventually. Because he doesn’t like mine, he prefers not to. He said in the meeting, which was recorded on Friday in Florida,” You know, he really doesn’t like me because I think he’s a complete stiff”.
When asked if Powell would be removed before his 2026 expression as chair, Trump responded with his most unwavering insistence, saying,” No, no, no. That was an overall decision; why did I make that decision? I will have the opportunity to take their place in another brief while.
This comes after Wall Street companies quickly declined last month as a result of Trump’s double-down on his criticism of Powell, igniting concerns about the main bank’s freedom and rattling the markets. Trump’s attitude was later softened as he took a step up from his extreme stance against Fed Chairman Jerome Powell, declaring in a similar way that he had no intent of firing Powell, which helped the industry recover at the time.
The comments made on Sunday provided the most reassuring proof yet that the US president would continue to hold Powell in office, which may reassure investors who are seriously uneasy by Trump’s plans to upend the world’s trading system with a wave of tariffs, according to Reuters.
Trump imposed a 10 % tax on most nations on April 2 and increased tariffs on many of its trading partners, who were then immediately given 90-day suspensions. Additionally, he has imposed 25 % tariffs on cars, steel and aluminum, 25 % tariffs on Canada and Mexico, and 145 percent tariffs on China, which are still in effect.
Officials who were cited by Reuters claim that the first deal may be announced immediately and that Trump’s administration is negotiating with over 15 nations for business deals that could minimize the higher taxes.
Trump, however, said he wouldn’t mind making some of the levies lasting during the meeting with NBC News. No, I wouldn’t do that that,” Why would they develop in the United States if someone thought they were going to arrive off the table?” he said.
Trump added that Beijing then wanted to reach an agreement, and that he had been “very difficult with China,” which basically shut off trade between the world’s two major economies.
He claimed,” We’ve turned things around.” Because we aren’t doing business with them at the moment, that means we aren’t losing a trillion cash. And they want to close a bargain. They are really interested in making a deal. We’ll see how it all turns out, but the outcome has to be good.
