President Donald Trump stated he has “no intention of firing” Federal Reserve Chair Jerome Powell, despite his frequent criticism, including recently calling Powell a “major loser.” Trump urged Powell to be more aggressive in cutting interest rates.
His comments followed speculation that the White House had explored whether it could remove Powell, a claim partly fueled by remarks from National Economic Council Director Kevin Hassett.
Trump also expressed hope for improved trade relations with China, saying he would be “very nice” during negotiations. However, he clarified that tariffs would not be eliminated completely even if a deal is reached.
Following the president’s remarks and those of Treasury Secretary Scott Bessent, who suggested the trade war was unsustainable, global markets responded positively. Major indices in Asia rose, and US stock markets also saw gains, with the S&P 500 and Nasdaq up 2.5% and 2.7% respectively.
The International Monetary Fund (IMF) downgraded the US economic growth forecast, citing heightened uncertainty due to trade tensions and tariffs, warning of a broader global slowdown.
