Donald Trump is backtracking on some of his wild economic moves.
The president said Tuesday that has “no intention” of firing Federal Reserve chair Jerome Powell after days of insults and threats over whether Powell would cut interest rates. It’s quite a reversal from Trump saying Powell’s “termination cannot come fast enough” the week before. Still, Trump would like those rate cuts.
“I would like to see [Powell] be a little more active in terms of his idea to lower interest rates,” Trump said Tuesday while swearing in the new SEC chair. “It is a perfect time to lower interest rates.”
Trump also backed down from threatening China on Tuesday, saying that he wouldn’t seek to punish China any further in the Oval Office and telling reporters that tariff rates against the country would be lowered.
“[The rates] will come down substantially but it won’t be zero,” Trump said, adding that “we’re going to be very nice and they’re going to be very nice, and we’ll see what happens.” China appears to be reciprocating, with a spokesperson for the country’s foreign ministry telling reporters Wednesday that “the door for talks is wide open.”
It seems that the struggling stock market and panicked U.S. executives have persuaded Trump to modify whatever concepts of a plan he has for the economy, as every economic indicator spells disaster. Trump’s tariff whiplash, where he has alternated between raising and lowering tariffs, has caused market chaos for several weeks.
Instituting an astronomical tariff rate of 145 percent against China, one of the the country’s largest trading partners, has not inspired confidence from American businesses, and China is holding firm on getting Trump to back down. Tuesday’s shift from the president indicates that he is fearful of what will happen if his current approach backfires.
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