As the U.S.-China trade war continues to escalate, so too are President Trump's attacks on ... his own Federal Reserve chair.
On Friday morning, Trump yet again lashed out at Fed Chair Jerome Powell, angrily tweeting that the "very weak" Federal Reserve "did NOTHING" after Powell failed to reassure that interest rate cuts were on the horizon during the central bank's annual Jackson Hole, Wyoming, symposium.
Trump's attack also came amid mounting fears of a possible U.S recession and China's announcement that it will hit the U.S. with retaliatory tariffs on $75 billion in goods. But Trump went even further than he usually does, this time wondering aloud, "who is our bigger enemy, Jay Powell or Chairman Xi?"
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Despite Xi being the head of the country the U.S. is locked in a trade war with and has labeled a currency manipulator, it sounds like Trump was asking rhetorically:
Powell had emphasized Friday that "monetary policy ... cannot provide a settled rulebook for international trade," The Hill reports. Trump has continuously slammed Powell and demanded he lower interest rates, with The Washington Post reporting that he has considered rotating Federal Reserve governors in an attempt to limit Powell's power. The president has also repeatedly insisted that he could fire Powell.
All this marks quite the change in tone from when Trump praised Powell as "strong," "committed," and "smart" in his glowing 2017 Rose Garden ceremony.
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