Trump credits economic strength to his insurance policies, calls Fed chair Powell ‘A total stiff’

US President Donald Trump is taking credit score for any indicators of economic strength within the US whereas blaming President Joe Biden for current weaknesses, together with the first-quarter contraction in GDP. In a wide-ranging interview on NBC News’ “Meet the Press,” Trump additionally lobbed contemporary criticism at Federal Reserve Chair Jerome Powell, whom he described as “a total stiff,” at the same time as he vowed not to take away him earlier than his time period ends in 2026.
Trump reiterated his perception that his commerce and economic methods – together with sweeping tariffs – are finally benefiting Americans, regardless of current market volatility and rising considerations about inflation. “I think the good parts are the Trump economy and the bad parts are the Biden economy because he’s done a terrible job,” Trump mentioned. He pointed to falling power and gasoline costs and a narrowing commerce deficit as indicators of his insurance policies working.
Trump’s remarks come amid essentially the most turbulent stretch for Wall Street for the reason that early COVID-19 pandemic, largely sparked by his aggressive tariff technique. In early April, he imposed a ten% tariff on most nations, greater charges for some buying and selling companions, and reinstated or raised duties on autos, metal, aluminum, and items from China, which now face a 145% tariff. While officers say negotiations are underway with greater than 15 nations to keep away from additional hikes, Trump has not dominated out making some tariffs everlasting.
“Why would they build in the United States if they thought [tariffs] were going to come off the table?” Trump requested, claiming credit score for trillions in investments from world and home firms.
Trump shrugged off considerations that greater tariffs may drive up client costs. “They don’t need to have 30 dolls,” he mentioned. “They can have three. They don’t need to have 250 pencils. They can have five.”
He additionally claimed that the US has successfully gone “cold turkey” with China on commerce and instructed Beijing is raring to strike a brand new deal. “We’re not losing a trillion dollars … because we’re not doing business with them right now,” Trump mentioned. “They want to make a deal very badly.”
Despite sharp criticism of Powell, Trump issued his clearest sign but that he doesn’t intend to take away the Fed chair early. “No, no, no,” he mentioned. “Why would I do that? I get to replace the person in another short period of time.”
Still, he questioned Powell’s motives and reiterated his need for decrease rates of interest. “He should lower them. And at some point, he will,” Trump mentioned. “He’d rather not because he’s not a fan of mine. You know, he just doesn’t like me because I think he’s a total stiff.”