US President Donald Trump criticized the head of the Federal Reserve System Jerome Powell after he warned of the negative impact of trade duties, CNN reports. Speaking with a speech at the Chicago Economic Club, Powell said that the White House policy can slow down the growth of the American economy and accelerate inflation, which will complicate the FRC task to ensure stable inflation and maximum employment. He explained that the Fed is afraid of acceleration of inflation due to an increase in duties on the import of goods in the United States. According to Powell, the duties introduced by the president will cause at least a temporary increase in inflation, and this effect may be long. CNN notes that Powell’s comments were not much different from the statements of other Fed officials in recent weeks. They stated that Trump’s duties would probably lead to an increase in inflation and unemployment. The day after Powell Trump’s performance, TruthSocial criticized the head of the Fed. He accused him of unwilling to reduce interest rates. “Oil prices are reduced, food (even eggs!) Food is cheaper, and the United States is rich at the expense of duties. (Powell) was supposed to reduce interest rates, like the ECB (European Central Bank), a long time ago, but now he must clearly lower them, ”Trump wrote. He also stated that Powell’s dismissal “should happen as soon as possible.” Donald Trump appointed Powell to the head of the Fed on his first presidential term in 2018. Powell retained this position under Joe Bayden. The term of his authority as the head of the Fed is expired in 2026. No one understands why Trump introduces duties – and immediately cancel them. So who is beneficial to this? We are discussing with the American economist Stevettikto does not understand why Trump introduces duties – and immediately cancel them. So who is beneficial to this? We are discussing with the American economist Stephen Chekometti (Tagstotranslate) News
