President Trump criticizes Fed Chairman Jerome Powell, announces new tariff policy, and praises the trade agreement with the United Kingdom

Washington, D.C. – Last Thursday, President Donald Trump continued to publicly criticize Federal Reserve Chairman Jerome Powell, this time directly from the White House. In a post on the Truth Social platform, Trump wrote: "'Too late' Jerome Powell is an IDIOT, knows nothing at all. Other than that, I really like him!"

This criticism came less than 24 hours after the Fed announced it would keep the benchmark interest rate unchanged for the third consecutive time, despite increasing pressure from the White House. President Trump continued to make false statements, including claims that oil and energy prices have fallen, and that egg and grocery prices are down, while he emphasized that the U.S. is witnessing a situation of "virtually NO INFLATION." He also proudly stated that tariff revenues are "flowing into America — COMPLETELY CONTRARY to so-called 'too late!'"

New Tariff Policy: 10% as the Minimum

In addition to his attacks on the Fed, Trump also announced a new trade policy that drew significant attention. Speaking in the Oval Office, he stated that the lowest import tariff for countries wishing to sign trade agreements with the U.S. would be set at 10%.

"Some countries will have to bear higher levels because they have a large trade surplus with us and, in many cases, have not treated the U.S. fairly," he said.

On this occasion, Trump also officially announced a new trade agreement with the United Kingdom, asserting that the UK has "always respected the U.S." and deserves a 10% tariff. "That’s a low number, as they have negotiated well," he emphasized. However, he also denied that this tariff rate would become a standard template for future trade agreements, affirming: "No, no."

The American president stated that the final terms of the agreement with the UK are still being finalized, but he declared that the deal will provide "billions of dollars in new market access value for U.S. exports." Additionally, the UK has also agreed to reduce or eliminate some non-tariff barriers that have previously hindered American goods.

Tariff Chart and Reactions from Both Sides

During the announcement, a chart shared on Trump's Truth Social account showed that U.S. tariffs on British goods would remain at 10%, while British tariffs on American goods would decrease from 5.1% to 1.8%, although there has been no specific explanation on how these figures were calculated.

British Prime Minister Keir Starmer participated in the remote announcement and stated: "We have built a great foundation for the future." However, the response in Washington was somewhat more cautious.

Josh Lipsky, an international economic expert at the Atlantic Council, stated on CNBC that this agreement is just a "small win, and very limited in scope." He argued that such agreements are difficult to apply with countries that have a significant trade deficit with the U.S.

On the part of the U.S. Department of Agriculture, Secretary Brooke Rollins stated that she would travel to the UK next week to continue negotiations to expand U.S. beef exports to this market as part of the new agreement.

Meanwhile, the office of the British Prime Minister at 10 Downing Street also issued a statement, affirming that "negotiations between the two countries are progressing vigorously and the Prime Minister will provide updates today." The statement also emphasized that Starmer "always acts in the national interest of the UK" and referred to the U.S. as "an indispensable ally in both security and economic matters."