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Yet another turnaround by Donald Trump: this time the line is softened on Powell and with Beijing after the alarms raised by Walmart, Target and Home Depot. Markets reassured
Donald Trump has softened his line on tariffs on China and withdrawn his attacks on Federal Reserve Governor Jerome Powell, after pressure from Wall Street and the heads of the major US companies. According to Axios, it was confidential appeals from investors, economic advisors and retail CEOs that pushed the president to a strategic turnaround.
The giants’ warning: “Rising prices and empty shelves”
In a closed-door meeting, the leaders of Walmart, Target and Home Depot warned Trump that his pricing policy risks undermining the supply chain, increasing consumer prices and causing shortages in warehouses. “Prices are stable, but they will go up. And the shelves will remain empty,’ was the message delivered to the president.
Powell in the crosshairs, then the reversal
On Monday, the markets had reacted negatively after Trump had called Powell “a huge loser”, hinting at his possible dismissal. But, yesterday, came the about-face: “I have no intention of firing him,” Trump said, dumping everything on the press. A move suggested by members of his economic team, including Scott Bessent (Treasury) and Howard Lutnick (Trade), according to the Washington Post.
Next moves on tariffs on China
The president also confirmed that there are direct contacts with Beijing and that the new tariffs will be set within 2-3 weeks. ‘It’s the perfect time for a rate cut,’ Trump declared, while softening his tone: ‘If he doesn’t do it, it’s not the end of the world.’
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