US President Donald Trump has once again sharpened his criticism of Federal Reserve Chairman Jerome Powell.
Trump, who called Powell a “stubborn fool” in his remarks, said interest rates needed to be lowered urgently and dramatically. “If Powell won’t cut rates, the Fed Board of Governors needs to take control,” he said.
Trump’s harsh statement, along with the actions and decisions he has taken in the last 24 hours, coincides with a very busy period for the US economy and foreign policy. Here are some of Trump’s notable actions from the past 24 hours:
Trump signed an executive order Thursday evening imposing reciprocal tariffs ranging from 15% to 41% on imports from 67 trading partners. This is the highest level of tariffs in US history. The new tariffs will take effect on August 7.
The US has raised the tariff on all Canadian products not covered by the USMCA from 25% to 35% due to Canada’s “retaliation and inaction.” A new 40% transshipment tax will also be imposed on those attempting to avoid the tax by shipping products through a third country.
The Trump administration announced a 39% tariff on goods imported from Switzerland, exceeding the 31% tariff threatened in April.
The US extended its temporary tariff agreement with Mexico for 90 days. During this period, Mexico will continue to pay 25% tariffs on autos and 50% tariffs on steel, aluminum, and copper.
Trump said of Powell, “Mr. Powell, always late, is back to his old self! Too late, too angry, too stupid, and too political.”
*This is not investment advice.