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President Trump is continuing his fight to secure interest rate cuts from the Federal Reserve. In a Truth Social post on Thursday, Trump called out Fed Chairman Jerome Powell for harming the economy by refusing to cut rates.
“Jerome “Too Late” Powell again refused to cut interest rates, even though he has absolutely no reason to keep them so high,” President Trump said. “He is hurting our Country, and its National Security. We should have a substantially lower rate now that even this moron admits inflation is no longer a problem or threat. He is costing America Hundreds of Billions of Dollar a year in totally unnecessary and uncalled for INTEREST EXPENSE.”
Since his return to the White House, President Trump has continually battled with Powell over his stance on interest rates. Powell has served as Chairman of the Fed since 2017, with his term set to end in May. Trump also stated during a cabinet meeting on Thursday that he plans announce a nominee to replace Powell next week. The incoming Fed chair will be responsible for decisions that could have a powerful impact on the economy. A cut in interest rates could increase affordability for transactions that require borrowing, such as the purchase of a home.
In his statement criticizing Powell’s actions, President Trump cited revenue from tariffs as another factor supporting a cut in interest rates.
“Because of the vast amounts of money flowing into our Country because of Tariffs, we should be paying the LOWEST INTEREST RATE OF ANY COUNTRY IN THE WORLD,” President Trump said. “Most of these countries are low interest rate paying cash machines, thought of as elegant, solid, and prime, only because the U.S.A. allows them to be. The Tariffs being charged to them, while bringing in $BILLIONS to us, still allows most of them to have a significant trade surplus, though much smaller, with our beautiful, formerly abused Country.”
President Trump concluded his post by urging a cut in interest rates to reflect the underlying strength of the American economy.
“The Fed should substantially lower interest rates, NOW! Tariffs have made America strong and powerful again, far stronger and more powerful than any other Nation,” President Trump said. “Commensurate with this strength, both financial and otherwise, WE SHOULD BE PAYING LOWER INTEREST RATES THAN ANY OTHER COUNTRY IN THE WORLD!”