Newsroom
Former President Donald Trump stated in an interview with Bloomberg that he has no intention of removing Federal Reserve Chair Jerome Powell from his position before Powell's term concludes. As Reuters reports, Trump, who previously considered ousting Powell due to disagreements over interest rate hikes during his tenure, indicated a shift in stance, emphasizing that Powell's term extends until 2026. Despite their tumultuous history, Trump affirmed he would not pursue Powell's removal.
Regarding potential cabinet appointments, Trump disclosed that he would consider Jamie Dimon, CEO of JPMorgan, for the position of Treasury Secretary if he were re-elected in November. This revelation comes amid Trump's previous criticism of Dimon, whom he had described as a "Highly overrated Globalist" on his Truth Social platform last year. Dimon, known for his corporate leadership and occasional divergence from Trump's policies, has recently voiced some agreement with Trump's stances on economic matters.
In the Bloomberg interview, Trump also outlined his economic proposals, including plans to reduce the corporate tax rate significantly, potentially as low as 15%. He further advocated for imposing new tariffs on Chinese imports ranging from 60% to 100%, while also proposing a uniform 10% tariff on imports from other nations. These measures, according to Trump, aim to address trade imbalances and bolster domestic manufacturing.
Powell, meanwhile, reiterated on Monday that political considerations would not influence the Federal Reserve's decisions on interest rates leading up to the November elections. He reaffirmed the Fed's commitment to independent, data-driven policy-making despite external pressures.
Trump's statements reflect ongoing speculation and strategy ahead of the upcoming election, highlighting potential shifts in economic policy and leadership under a hypothetical second term.
[Information sourced from Reuters]
