WASHINGTON (Reuters) – President Donald Trump has no intention of replacing Federal Reserve Chairman Jerome Powell before the end of his term, and says he will take over JPMorgan if he wins the Nov. 5 election. He said in an interview with Bloomberg that he would consider appointing CEO Jamie Dimon as Treasury secretary. Published on Tuesday.
JPMorgan declined to comment on Trump’s remarks. Chairman Powell’s term expires in 2026. Powell’s seat on the Fed’s board expires in 2028. According to Bloomberg, President Trump’s interview took place in late June.
Powell said Monday that he has no plans to step down as head of the U.S. central bank before his term ends. Mr. Powell was first appointed to the Fed’s board by former President Barack Obama, but it was Mr. Trump who selected him to lead the central bank, which he took on in early 2018.
Mr. Trump turned on Mr. Powell soon after, slamming the Fed’s interest rate hikes during Mr. Powell’s first year in office. Mr. Trump even discussed firing the Fed chief, but aides said they later concluded that Mr. Trump probably did not have the authority to do so. That didn’t stop Trump from threatening Powell during his term, but Trump’s successor, President Joe Biden, has refrained from doing so during his term.
President Trump said in an interview with Bloomberg that the Fed should refrain from cutting interest rates before the November election, which pits the Republican presidential nominee against Democrat Joe Biden.
Mr. Powell has been asked repeatedly over the past week whether the election will influence the Fed’s decision on whether to cut interest rates, but Mr. Powell said Monday that he and other central bank policymakers do not use politics in their decision-making. He reiterated that he had not considered it.
President Trump said he was considering Dimon for the top position at the Treasury Department. Mr. Trump had been critical of Mr. Dimon until recently.
Last year, President Trump called Dimon a “hugely overrated globalist” on his Truth Social platform.
Mr. Dimon, like many other business executives, joined the U.S. Capitol on January 6, 2021, when Trump supporters tried to block Congress from certifying the results of the 2020 election, which Mr. Trump lost to Mr. Biden. He condemned the attack on the Capitol.
But Dimon has recently praised some of Trump’s positions and policies.
“Let’s take a step back and be honest. He was right in some ways about NATO, he was right in some ways about immigration. He grew the economy pretty well. Trade tax reform worked. He did a good job with parts of China. I was right,” Dimon told CNBC earlier this year. . “He wasn’t wrong on some of these important issues.”
President Trump also said in the interview that he would cut the corporate tax rate to 15%.
In addition to imposing new tariffs on China ranging from 60% to 100%, he also imposed a flat 10% tariff on imports from other countries, citing frustration that foreign countries are not buying enough American products. He said he would impose a tariff of .
