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 need to be reduced urgently and dramatically. “If Powell doesn't cut fees, the Fed president will need to take control,” he said.
Trump's harsh statement coincides with a very busy period in the US economy and foreign policy, along with the actions and decisions he has made in the past 24 hours. Here are some of Trump's notable actions from the past 24 hours:
Trump signed an executive order Thursday evening, imposing mutual tariffs ranging from 15% to 41% on imports from 67 trading partners. This is the highest level of tariffs in US history. The new duties will come into effect on August 7th.
The US has raised tariffs on all Canadian products that the USMCA has not covered from 25% to 35% due to Canada's “retaliation and inaction.” Also, people who want to avoid taxes by shipping products from third countries will be charged a new 40% shipping tax.
The Trump administration announced a 39% tariff on goods imported from Switzerland, exceeding the 31% tariff threatened in April.
The US has extended its temporary tariff contract with Mexico for 90 days. During this period, Mexico will continue to pay 25% tariffs on cars and 50% tariffs on steel, aluminum and copper.
Trump said of Powell: “It's always late, and Mr. Powell is back to his old self!
*This is not investment advice.
