President Trump escalated his attacks on Federal Reserve Chair Jerome Powell, whom Trump appointed, in a tweet that labeled Powell as an “enemy” in his ongoing trade war.
….My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?
— Donald J. Trump (@realDonaldTrump) August 23, 2019
Trump’s tweet came after Powell made remarks suggesting that the Federal Reserve was limited in its ability to counteract the effects of Trump’s trade actions.
“While monetary policy is a powerful tool that works to support consumer spending, business investment, and public confidence, it cannot provide a settled rule book for international trade,” Powell said, speaking at a symposium in Jackson, Wyoming, according to the New York Times.
For months, Trump has called on Powell to cut interest rates — a pressure campaign that has blown past the norms of independence for the Federal Reserve.
In his remarks Friday, Powell suggested that future rate cuts are still on the table, but gave no clear indications of when they could happen.
Trump continued to defend his trade policy on Twitter. He also ordered that companies stop doing business with China.
….your companies HOME and making your products in the USA. I will be responding to China’s Tariffs this afternoon. This is a GREAT opportunity for the United States. Also, I am ordering all carriers, including Fed Ex, Amazon, UPS and the Post Office, to SEARCH FOR & REFUSE,….
— Donald J. Trump (@realDonaldTrump) August 23, 2019
His tirade comes as the White House has reportedly grown internally anxious about the potential for a recession.
