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Trump Clarifies No Intention to Dismiss Powell
Trump publicly stated in a media interview this morning that he has no intention of dismissing Federal Reserve Chairman ### Powell: “I have no plans to fire him; I just wish he would be more aggressive on rate cuts. Now is the perfect time for a rate cut.” However, this statement contrasts sharply with his hardline stance over the past week. Last week, Trump posted on Truth Social that Powell’s “term should end as soon as possible,” even calling him “Mr. Slow to Arrive” and demanding “a rate cut now.” Kevin Hassett, former chief economic advisor at the White House, even revealed that Trump and his team were exploring legal avenues to remove Powell from his position prematurely. But Trump stated that rumors of attempting to fire Powell are media distortions and misrepresentations. Under current circumstances, Powell’s ### term is set to last until May 2026, and his term as a member of the Federal Reserve Board will continue until January 2028.
On the other hand, during the interview, Trump further stated that as part of trade negotiations with China, the high tariffs of up to 145% imposed on most Chinese imports will be reduced, but not completely eliminated. He emphasized: “They will be significantly lowered, but not to zero.” Trump claimed that U.S.-China negotiations are “going well” because “everyone wants to participate in the U.S. market.” He also mentioned that he and the Chinese representatives will be “very friendly” in subsequent talks, but emphasized that China must ultimately reach an agreement; otherwise, they will not be able to continue entering the U.S. market. “In the end, they must make concessions, or they won’t be able to do business in America. We welcome their participation, but they must sign an agreement. If they don’t sign, we will set the terms ourselves.” Trump added that the U.S. will create an agreement that is fair to everyone and predicted that the entire process would be quite swift.
Following the release of these two pieces of news, U.S. stocks surged in after-hours trading.
The cryptocurrency market also saw a significant rebound, with Bitcoin breaking through $93,000 and Ethereum rising over 10%. In the past 24 hours, more than $500 million in short positions were liquidated.
