Donald Trump has once again taken aim at Federal Reserve Chair Jerome Powell and suggested that a successor might be announced very soon. In an interview with CNBC, the President revealed he is considering four candidates – and confirmed that Scott Bessent is not among them, as he declined the position.
Although Powell’s current term runs until May 2026, Trump’s comments have sparked speculation about whether the U.S. could be preparing for a kind of “shadow central bank.” However, according to data from prediction platform Polymarket, there is only a 14% chance that Powell will resign this year.
Among the potential frontrunners for the role are Kevin Warsh, Kevin Hassett, and Christopher Waller. Warsh leads with 33% odds, followed by Hassett at 17% and Waller at 15%.
Tariff Pressure on EU and India, and a Possible Reset with China
Trump didn’t stop at monetary policy. He once again addressed trade relations, threatening a 35% tariff on EU exports if commitments aren’t met. He also promised a steep increase in tariffs on Indian imports due to India’s continued partnership with Russia.
“India buys discounted oil and other commodities from Russia, then resells them at a profit. That’s not fair,” Trump said. “It’s one of the most protectionist economies in the world.”
Surprisingly, Trump added that the U.S. is close to a new trade deal with China. He even suggested that if talks progress successfully, he could meet Chinese President Xi Jlnping later this year.
Criticism of Banks and Upcoming Executive Order
Toward the end of the interview, Trump turned his criticism toward major banks – specifically JPMorgan and Bank of America. He accused them of unfairly discriminating against individuals and businesses based on political grounds.
In response, he announced that his administration is preparing an executive order targeting “Operation Chokepoint 3.0,” which he claims is stifling business freedom. The order would aim to prevent banks from denying services to clients based solely on their political beliefs.
Interestingly, this move follows a public complaint from Gemini co-founder Tyler Winklevoss, who claims JPMorgan is blocking his crypto exchange from returning as a client.
#TRUMP , #FederalReserve , #JeromePowell , #TradeWars , #USPolitics
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