Donald Trump isn’t too happy after Federal Reserve Chair Jerome Powell said the president’s tariff policy would cause more inflation and slow growth.
In a post on Truth Social Thursday morning, Trump furiously blamed Powell for not lowering interest rates. The European Central Bank had announced just a few hours earlier that it would make yet another round of cuts to offset Trump’s tariffs, which have roiled the markets and deteriorated the outlook for growth.
“The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’” Trump wrote.
“Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now,” Trump added. “Powell’s termination cannot come fast enough!”
In fact, egg prices have once again risen ahead of Easter weekend, after falling in mid-March. Trump’s claim that the U.S. is getting “rich on tariffs” also deserves some scrutiny. While the president has claimed that the U.S. is raking in up to $2 billion a day, U.S. Customs and Border Protection revealed this week that the number was more like $250 million.
At an event hosted by the Economic Club of Chicago Wednesday, Powell had warned that “the level of tariff increases announced so far is significantly larger than anticipated, and the same is likely to be true of the economic effects, which will include higher inflation and slower growth.”
Trump had already been pushing for the Fed to cut interest rates ahead of announcing his sweeping “reciprocal tariff” policy earlier this month.
Despite Trump’s latest call for his “termination,” Powell has already been clear that the president does not have the power to remove him. His term as Federal Reserve chair ends in May 2026.
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