President Trump pressures Powell: new tariffs and threats of dismissal
17 april 2025 в 17:13
Federal Reserve Chairman Jerome Powell is once again under pressure as President Donald Trump insists on his replacement — this time in the face of escalating trade tensions and the introduction of new widespread tariffs. On April 2, Trump announced a series of tariffs, including a rate of 145% on Chinese imported goods, calling it a «declaration of economic independence».
Powell warned that such a move could contribute to inflation and slow growth, noting that the economic impact could be «significantly greater than expected». In response, Trump expressed himself on Truth Social, writing that the dismissal of Powell «cannot happen fast enough».
«It is expected that the ECB will cut interest rates for the seventh time, and yet, 'Too Late' Jerome Powell of the Fed, who is always VERY LATE AND WRONG, yesterday published a report that was yet another, and typical, complete 'mess!'» Trump wrote on April 17. «Oil prices are falling, products (even eggs!) are getting cheaper, and the US is getting rich on tariffs. Too late should have lowered interest rates, like the ECB, long ago, but he definitely should do it now. The firing of Powell cannot happen fast enough!»
Amid ongoing tensions with Trump, here’s what you need to know about who Powell is, how long his term lasts, and whether he can finish it.
Powell is the current Chairman of the Federal Reserve, the central bank of the United States. He has held this position since February 2018 and was re-elected for a second term in 2022. A graduate of Princeton University and Georgetown University Law Center, Powell worked as a lawyer for about five years before moving into investment banking.
Powell was initially appointed as a member of the Federal Reserve Board of Governors by former President Barack Obama in 2012. He was later nominated for the position of Fed Chairman by Trump in 2017, and he began serving in that role in 2018. In 2021, former President Joe Biden nominated him for a second term, which was confirmed by the Senate in 2022.
Powell’s current four-year term as Chairman of the Federal Reserve ends on May 15, 2026. However, he will remain a member of the Federal Reserve Board of Governors until January 31, 2028, unless he resigns or is removed for cause
Powell warned that such a move could contribute to inflation and slow growth, noting that the economic impact could be «significantly greater than expected». In response, Trump expressed himself on Truth Social, writing that the dismissal of Powell «cannot happen fast enough».
«It is expected that the ECB will cut interest rates for the seventh time, and yet, 'Too Late' Jerome Powell of the Fed, who is always VERY LATE AND WRONG, yesterday published a report that was yet another, and typical, complete 'mess!'» Trump wrote on April 17. «Oil prices are falling, products (even eggs!) are getting cheaper, and the US is getting rich on tariffs. Too late should have lowered interest rates, like the ECB, long ago, but he definitely should do it now. The firing of Powell cannot happen fast enough!»
Amid ongoing tensions with Trump, here’s what you need to know about who Powell is, how long his term lasts, and whether he can finish it.
Powell is the current Chairman of the Federal Reserve, the central bank of the United States. He has held this position since February 2018 and was re-elected for a second term in 2022. A graduate of Princeton University and Georgetown University Law Center, Powell worked as a lawyer for about five years before moving into investment banking.
Powell was initially appointed as a member of the Federal Reserve Board of Governors by former President Barack Obama in 2012. He was later nominated for the position of Fed Chairman by Trump in 2017, and he began serving in that role in 2018. In 2021, former President Joe Biden nominated him for a second term, which was confirmed by the Senate in 2022.
Powell’s current four-year term as Chairman of the Federal Reserve ends on May 15, 2026. However, he will remain a member of the Federal Reserve Board of Governors until January 31, 2028, unless he resigns or is removed for cause
© Kolganov Andrey
