Donald Trump warned the Federal Reserve (Fed) not to lower the benchmark interest rate before the November election. Trump also emphasized tariff increases, signaling a trade war with China and the European Union (EU).
In an interview with Bloomberg Businessweek on Tuesday, Trump cautioned the Federal Reserve against cutting interest rates before the election. He expressed concern that the Fed might lower rates before November 5th despite knowing they should not. This interview occurred at the end of June, before the recent shooting incident.
Trump promised to let Federal Reserve Chairman Jerome Powell finish his term until May 2026 and revealed plans to appoint JP Morgan CEO James Dimon as Treasury Secretary.
He also shared that he has no plans to ban TikTok and will lower the corporate tax rate to a minimum of 15%. His comments reflected his resentment over Meta’s unfair ban.
Furthermore, he hinted at a trade war. He emphasized imposing new tariffs of 60% to 100% on China and a 10% tariff on imports from other countries. Trump said, “We love Scotland and Germany. We love all these places. But once you get past that, they treat us violently,” referring to the trade deficit with Europe exceeding 200 billion dollars.
He also sought changes in foreign policy. He opposed the Biden administration’s efforts to protect Taiwan and Ukraine from China and Russia. Regarding Taiwan’s defense, he noted that Taiwan should be paying for the defense. He also said Taiwan has taken “almost 100%” of America’s semiconductor businesses. He also opposed the Biden administration’s Inflation Reduction Act (IRA). He said, “We are now giving Taiwan billions of dollars to build a new semiconductor factory in our country, and they will take that too. They will build it here but then return the technology to their country.”
Trump discussed the changing geopolitical landscape, pointing out that over the past three and a half years, China has aligned itself closely with Russia, Iran, and North Korea, which he noted possesses a significant nuclear arsenal. He described the current global situation as markedly different from just a few years ago. Further, Trump criticized President Biden, accusing him of pushing Russia and China closer together, which he likened to a forced marriage, subsequently involving their “little nephew,” referring to Iran and North Korea, in this alliance.
He suggested that the oil and gas industry could alleviate inflation. He said, “We have more liquid gold than anyone,” insinuating potential gas drilling to lower oil prices.
Furthermore, Trump mentioned that all Cryptocurrency should be made in America to defend China’s domination in the industry.
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