Trump Says He Won’t Replace Fed Chair Powell Before 2026 Despite Criticism During a recent interview, U.S. President Donald Trump made it clear he has no plans to dismiss Jerome Powell before the end of his term in 2026, even as he doubled down on his criticism of the Federal Reserve chief. Despite labeling Powell “a total stiff,” Trump acknowledged the Fed’s independence and stated that he would simply wait until the term expires to appoint someone new. Trump once again pressed for interest rate cuts, claiming Powell is reluctant to act because of personal animosity. However, he also tempered concerns by confirming that he wouldn’t interfere with the Fed’s leadership in the short term—remarks that could ease tensions on Wall Street following market jitters tied to his prior statements. Meanwhile, Trump stood firm on his aggressive trade policies, arguing that a new round of tariffs—10% on most countries and sharply higher ones on China and others—will eventually strengthen the U.S. economy. He brushed aside a recent GDP dip as the lingering result of the previous administration’s decisions and maintained that his own policies are laying the groundwork for a stronger future. READ MORE: Interest Rate Cuts Unlikely Anytime Soon, Says BlackRock Executive Despite signs of economic unease, Trump claimed his administration should be credited for easing energy prices and narrowing the trade deficit. He downplayed concerns over rising consumer costs tied to tariffs, saying Americans could simply buy fewer non-essential goods like dolls and pencils. Trump’s broader trade strategy, which includes negotiations with over a dozen countries, is still in motion. He hinted that a first deal may be announced soon and refused to commit to removing the new tariffs, arguing that doing so prematurely could discourage companies from investing in American manufacturing. On China, Trump reiterated his confrontational stance, emphasizing that trade relations have been drastically reduced, but also suggested that Beijing is eager to re-engage. According to him, any future deal must be fair and in the U.S.’s interest.