President Donald Trump continued his attacks on Federal Reserve Chairman Jerome Powell on Friday, calling Powell an “enemy” as the Fed resists drastically altering monetary policy at the president’s whim.
Trump later deleted the tweet and replaced it with one correctly spelling Powell’s name.
The president’s invective seems to have been inspired by China’s announcement Friday that it will impose additional tariffs on $75 billion in U.S. goods, ramping up the ongoing trade war.
It’s also possible Trump was responding to statements Powell made during a meeting with bankers Friday morning. Although Powell reportedly said the Federal Reserve was prepared to cut interest rates if necessary, the chairman was noncommittal about when these cuts could come or how steep they would be.
U.S. stock markets, responding to the uncertainty of Trump’s “order” that businesses cease relations with China, hemorrhaged almost immediately after Trump’s tweets. The Dow Jones Industrial Average in particular had plunged more than 500 points by early afternoon.
This latest eruption comes amid recent reports about a slowing U.S. economy and the president’s concerns that it may hinder his reelection chances in 2020.
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