Trump has ruled out removing Federal Reserve Chair Jerome Powell before his term ends in May 2026, despite continuing to criticise him and urge for rate cuts. Speaking to NBC’s Meet the Press, Trump said, “No, no, no. That was a total – why would I do that? I get to replace the person in another short period of time.”
While calling Powell “a total stiff” and claiming the Fed chief “just doesn’t like me,” Trump reiterated his belief that the central bank should cut interest rates, saying, “At some point, he will.”
The interview marks Trump’s clearest signal yet that Powell’s job is safe for now, after earlier market jitters over the Fed’s independence sparked by Trump’s attacks last month.
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Separately, on trade, Trump defended his sweeping tariff actions, saying the U.S. had gone “cold turkey” on China, effectively halting trade. He added, “They want to make a deal very badly. We’ll see how that all turns out, but it’s got to be a fair deal.”
Asked whether tariffs might remain in place permanently, Trump replied: “No, I wouldn’t do that because if somebody thought they were going to come off the table, why would they build in the United States?”
Trump’s administration is currently negotiating with more than 15 countries to try to finalise trade agreements that could delay or reduce planned tariff hikes. Playing chicken with firms considering building in the US doesn’t seem to be responsible political leadership, but that’s what employers are dealing with there.
This article was written by Eamonn Sheridan at www.forexlive.com.
