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Trump, Powell at odds over tariff fallout
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The latest in politics and policy. Direct to your inbox. Sign up for the Evening Report newsletter Subscribe *{box-sizing:border-box}body{margin:0;padding:0}a[x-apple-data-detectors]{color:inherit!important;text-decoration:inherit!important}#MessageViewBody a{color:inherit;text-decoration:none}p{line-height:inherit}.desktop_hide,.desktop_hide table{mso-hide:all;display:none;max-height:0;overflow:hidden}.image_block img div{display:none}sub,sup{font-size:75%;line-height:0} @media (max-width:620px){.image_block div.fullWidth{max-width:100%!important}.mobile_hide{display:none}.row-content{width:100%!important}.stack .column{width:100%;display:block}.mobile_hide{min-height:0;max-height:0;max-width:0;overflow:hidden;font-size:0}.desktop_hide,.desktop_hide table{display:table!important;max-height:none!important}} Presented by National Council on Aging{beacon}Trump pressures Powell; Dow drops 2k points
President Trump and Federal Reserve Chair Jerome Powell shared vastly different views Friday on the economic impact of Trump's sweeping tariff hikes that have sent stocks into a tailspin and sparked global economic concern.
Powell warned of "higher inflation and slower growth" — key indicators that the independent central bank uses when setting interest rates — while speaking at a conference just hours after Trump publicly urged the Fed to cut rates.
"While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent," Powell said. "Avoiding that outcome would depend on keeping longer-term inflation expectations well anchored, on the size of the effects, and on how long it takes for them to pass through fully to prices.”
Trump suggested on Truth Social early Friday that Powell, a fellow Republican, would resist rate cuts for political reasons.
“This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always 'late,' but he could now change his image, and quickly,” Trump wrote. "CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!”
Stocks continued to tumble for a second day on Friday, despite a strong jobs report:
⬇️ Dow: -2,231 points (-5.5 percent)
⬇️ Nasdaq: -938 points (-5.67 percent)
⬇️ S&P 500: -317 points (-5.88 percent)
The plunge came after all three indexes had their worst single-day drop since 2020 on Thursday.
TRUMP'S 'SUNSHINE STATE' OF MIND
Trump traveled to Florida on Thursday, declaring as he departed the White House that his tariff plan was "going very well," despite the stock market fallout.
The Associated Press detailed how the president is spending his time down south:
"He woke up on Friday morning at Mar-a-Lago, his private club in Palm Beach, and headed to his nearby golf course a few miles away after writing on social media that 'THIS IS A GREAT TIME TO GET RICH.' ...
The Republican president was not expected to appear publicly, although he’s scheduled to attend a candlelit dinner for MAGA Inc., an allied political organization, on Friday evening. He spent Thursday in Miami at a different one of his golf courses, where he attended a Saudi-funded tournament. He landed in Marine One and was picked up in a golf cart driven by his son Eric."
CHINA HITS BACK, AND TIKTOK CLOCK RESETS...
China announced Friday it will hit the U.S. with a 34 percent reciprocal tax on imports starting next week in response to Trump's tariff hike on Chinese goods.
“The US practice is inconsistent with international trade rules, seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice,” China’s State Council Tariff Commission said in a news release.
It further warned........
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