Donald Trump recently urged the Federal Reserve to lower interest rates, as financial markets grapple with significant downturns, including the S&P 500 slipping into bear market territory. Despite these calls, Kevin Hassett denied that recent tariffs were intended to influence the Fed, insisting on its independence. The market turmoil is also attributed to fears of a looming recession, exacerbated by trade tensions. Trump's trade adviser, Peter Navarro, dismissed Elon Musk's proposals for tariff reductions, emphasizing the reliance on foreign parts in the automotive industry.
Kevin Hassett, director of the US national economic council, claimed that tariffs are not part of a strategy to manipulate financial markets, asserting that the Fed will not be politically coerced.
The S&P 500 shares index fell 3.4%, entering bear market territory, while the Dow dropped 1,191 points. Wall Street lost approximately 13% of its value since Thursday, driven by recession fears.
Peter Navarro, Trump's trade adviser, rebuffed Elon Musk's proposal for zero tariffs, arguing that Musk's business model depends on foreign components, reflecting a broader trade protectionism.
Donald Trump reiterated calls for the Federal Reserve to cut rates, stating on Truth Social that the slow-moving Fed needs to take action to support the economy.
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