Trump "spare" the Fed head - He does not plan to fire him, aims to improve relations with China
US President Donald Trump says he has "no intention of firing" Jerome Powell after repeatedly criticizing the Federal Reserve chief. But he added that he would like Powell to be "a little more proactive" when it comes to cutting interest rates.
Speaking in the Oval Office, Trump also said he is optimistic about improving trade relations with China.
Last week, the president intensified his criticism of the Federal Reserve head, calling him “a big loser.” The comments sparked a sell-off in stocks, bonds and the U.S. dollar, but financial markets have since recovered from those losses.
During his first term in the White House, Trump nominated Powell to lead the central bank in 2017. Then-President Joe Biden appointed him to a second four-year term at the end of 2021.
The Federal Reserve has not cut rates so far this year, having cut them by one percentage point at the end of 2024, a stance that Trump has sharply criticized. It is not clear whether the president has the authority to fire the chairman of the Federal Reserve. No other US leader has attempted to do so.
Trump also said he would be "very polite" in negotiations with Beijing and tariffs would be reduced if there was a deal, but not to "zero."
Investors were concerned that pressure on Powell to cut interest rates could cause prices to rise at a time when trade tariffs are already pushing up inflation.
Trade tensions between the world's largest economies, as well as US tariffs on other countries around the world, have caused uncertainty in the global economy. These concerns have caused turmoil in financial markets in recent weeks.
On Tuesday, the International Monetary Fund (IMF) cut its forecast for U.S. economic growth this year by the most among advanced economies. The sharp rise in tariffs and uncertainty will lead to a "significant slowdown" in global growth, the Fund predicted.
Trump has imposed tariffs of up to 145% on imports from China. Other countries now face a blanket 10% U.S. tariff through July. His administration said last week that when the new measures are added to existing ones, duties on some Chinese goods could reach 245%.
Meanwhile, China has retaliated with a 125% tariff on products from the United States.
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