President Donald Trump announced Tuesday in his oval office that he had no intention of firing Federal Reserve Chairman Jerome Powell from his position.
Following the announcement of Trump’s tariffs on several countries on April 2, Powell expressed uncertainty on April 4th about the impact of mutual tariffs. On Tuesday evening, while talking to a reporter in the Oval Office, the president was asked about US prices. Trump said costs were falling. (Related: China is trying to do good things with the world after Trump defeats tariffs)
“Prices aren’t rising. One big thing is energy is declining. You can see that there were some states where gasoline is $1.98 per gallon. “That’s a big thing.”
“We opened the well, we opened the drill,” Trump added. “We sell more products now, and the majority are on sale overseas. It’s going to beat our deficits and mostly our deficits.”
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The president says egg costs are falling, comparing them to higher prices under the Biden-Harris administration.
“It’s all falling down. The only thing that’s not gone down but hasn’t gone up is the interest rates. I think the Fed should lower the rates. I think it’s the best time to lower the rates.
Another follow-up question was reportedly asked about Powell, but Trump immediately said he “don’t want to talk about it,” adding that he “has no intention” to remove Powell.
“I don’t want to talk about it because I’m not going to fire you,” Trump said.
Prices paid to US producers fell 0.4% in March due to a sharp decline in energy costs. The producers’ price index showed an annual rate fell to 2.7% in March, but prices for products excluding energy and food rose 0.3% that month.
The first wave of Trump’s tariffs sent shockwaves through the stock market, causing sharp shaking during April. However, after he announced the 90-day suspension on April 9th ​​- excluding China – the market responded immediately and surged.
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