President Trump is attributing the downturn in the economy to Federal Reserve Chairman Jerome Powell, criticizing him for not lowering interest rates. However, many analysts and the public point to Trump's tariff policies as significant contributors to economic chaos. Recent polling shows that a large percentage of Americans feel the economy is already in recession. Despite his harsh words for Powell, Trump has recently backed off plans to fire him. Treasury Secretary Scott Bessent suggests a possible de-escalation of trade tensions with China amid the economic turmoil.
For just about everyone else—including Jay 'Too Late' Powell, in Trump's latest nickname of contempt—the culprit is just as clear: Trump himself, who has threatened, implemented, suspended, swapped, and escalated tariffs like so many wallpaper swatches.
This all helps explain why Trump in the last 36 hours seems to have climbed down from a cliff of his own making—by saying he has no intention of firing Powell, a few days after posting Powell's termination cannot come fast enough!
According to Gallup's latest polling, 42% of Americans think the economy is already in recession or economic depression, illustrating a public sentiment far grimmer than the IMF's forecast.
Bessent told a closed-door speech to JPMorgan Chase that he expects a de-escalation of the trade war with China, where U.S. policy is adding 145% to imports and China is tacking on an extra 125%.
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