Shaw, Golden Finance
On the morning of August 5 local time, U.S. President Trump was interviewed by CNBC's 'Financial Forum' program and spoke on a series of hot issues.
According to Golden Finance, this speech mainly covered topics such as the Federal Reserve, tariff trade, immigration policy, banking, and global geopolitics. The main content is summarized as follows:
1. Federal Reserve Monetary Policy and Next Chairman Candidate
In his speech, Trump again criticized Powell for lowering interest rates too late. Trump stated that the Federal Reserve Chairman is political, and Powell lowered rates too late. He ruled out the possibility of appointing U.S. Treasury Secretary Mnuchin as Federal Reserve Chairman. Trump stated: 'I like Scott a lot, but he wants to stay at the Treasury.' Trump said he is considering four candidates for Federal Reserve Chairman, including one of his economic advisors, Kevin Hassett, and former Federal Reserve Governor Kevin Warsh. However, he refused to disclose the names of the other two candidates.
Trump stated that he may soon announce a new Federal Reserve Chairman, and the decision on the nominees for Federal Reserve Governors will be made this weekend.
2. Tariff and Trade Policy
Regarding tariff policy, Trump announced that he would significantly increase the tariff rate on pharmaceuticals (up to 250%) and stated that he would announce tariffs on pharmaceuticals and chips within the next week. He introduced that tariffs on drug imports would start at a lower level and could ultimately reach 250%. Trump stated that he would initially impose a 'small tariff' on pharmaceuticals, but within a year to a year and a half, he would raise that rate to 150%, and then to 250%.
In addition, Trump stated that due to India's continued purchase of Russian oil, he would significantly increase tariffs on India within the next 24 hours, with the current rate at 25%, but he did not specify the new tariff rate for India. Trump said: 'India is the country with the highest tariffs and is not a good trading partner.'
Trump also mentioned that he supports the recent trade agreements reached with Japan and the EU. However, he stated that if the EU does not fulfill its obligations, he will impose a 35% tariff on the EU.
3. Immigration Policy
Regarding immigration policy, Trump stated that new immigration rules related to farmers will be introduced. He emphasized that migrant workers cannot easily replace agricultural workers, and farmers cannot be left isolated and helpless.
4. Banking Issues
Regarding banking issues, Trump stated that he believes banks, including JPMorgan and Bank of America, discriminate against him and his supporters. He is currently preparing to take action against those banks that allegedly abandoned clients for political reasons.
Trump said he believes several banks discriminate against his supporters, adding that Bank of America and JPMorgan had discriminated against him in the past by refusing to accept his deposits. He stated in the interview: 'I think they completely discriminate against me, and moreover, they discriminate against many conservatives. I think the term discrimination applies more to Trump's supporters than to conservatives.'
Based on Trump's remarks, a spokesperson for JPMorgan subsequently stated: 'We will not close accounts for political reasons. We agree with President Trump's view that regulatory reform is urgent. We commend the White House for its efforts to address this issue and look forward to working with them to get this right.'
5. Russia-Ukraine Conflict
Regarding the Russia-Ukraine conflict, Trump stated that falling energy prices could pressure Russian President Putin to end the conflict in Ukraine. Trump said in the CNBC interview: 'If energy prices drop another $10 per barrel, Putin will have no choice because his economy is very bad.'
6. U.S. Economic Data
Regarding U.S. employment data, Trump reiterated accusations that labor statistics are manipulated. He stated that labor statistics are outdated and highly politicized.
Regarding U.S. employment data, Trump has previously made intense statements, saying that the employment report is manipulated, just like the data before the presidential election. Trump also stated that he would select an outstanding successor for the U.S. Labor Department.
7. Future Successor
Regarding the issue of future successors, Trump stated in his speech that the current Vice President Vance is 'most likely' to become the successor of his 'Make America Great Again' (MAGA) movement.
U.S. Secretary of State Rubio had earlier stated that if Vance decides to run, he would be a great nominee, to which Trump responded: 'I think he (Vance) is most likely.' He added: 'We also have very outstanding talent, some of whom are sitting on this stage today. So it's too early to talk about this, but it's certain that Vance is doing an excellent job right now and he may be the most favored candidate.'
Trump also stated during the interview that he 'might not' seek a third presidential term.