In a recent interview, US President Donald Trump confirmed his intention to keep Jerome Powell as Federal Reserve Chair until the end of his term in 2026, despite criticizing his performance.
Trump on Powell's Term
In an NBC News interview, Trump confirmed that Powell would remain as Fed Chair until May 2026. When asked if Powell would be removed before his term ends, Trump replied, 'No, no, no. That would be totally absurd.' However, he continued to insist that the Fed should lower interest rates.
Defending Trump's Tariff Policy
Furthermore, Trump addressed his tariff policy, asserting that the responsibility for the economic downturn in the first quarter of 2025 lies with his predecessor, Joe Biden. Trump emphasized that his administration brought down energy and gas prices while reducing the trade deficit. He argued that Americans could cope with high import prices due to tariffs.
Trade Agreements and Economic Policy
Trump expressed confidence that China wants to return to the negotiation table regarding trade agreements, despite numerous denials from the Chinese government. He stated that his administration is negotiating with over 15 countries to create new trade agreements, but tariffs might remain in place even after such deals are reached.
Thus, Trump emphasized his support for Powell as Fed Chair while defending his tariff policy as a means to stimulate the economy, despite the financial challenges faced.
