
Firing of Fed Reserve chief ‘highly unlikely', says Trump
The statement came less than 24 hours after Mr Trump indicated in a private meeting that he is leaning in favour of dismissing the head of the US central bank.
Mr Trump confirmed that he discussed the 'concept' of dismissing Mr Powell in a meeting with about a dozen Republicans, who had gathered at the White House on Tuesday to discuss crypto legislation in the House of Representatives.
Jerome Powell leads the US central bank (Julia Demaree Nikhinson/AP)
'Almost every one of them said I should,' Mr Trump said on Wednesday during an Oval Office meeting.
US stocks were shaky after the news broke, as such a move could help Wall Street get the lower interest rates that it loves but would also risk a weakened Fed unable to make the unpopular moves needed to keep inflation under control.
Meanwhile, House Speaker Mike Johnson stopped short of calling for Mr Powell to be fired, saying he was not certain about the 'executive authority' involved.
But he did say 'new leadership would be helpful at the Fed'.
'I've been unhappy with the leadership there personally,' Mr Johnson told reporters on Wednesday.
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Irish Times
an hour ago
- Irish Times
US attorney general told Trump his name is among many in Epstein files, Wall Street Journal reports
US attorney general Pam Bondi told president Donald Trump in May his name appeared in justice department files related to financier Jeffrey Epstein, the convicted sex offender who died in prison, the Wall Street Journal reported on Wednesday, citing senior administration officials. Reuters was not able to immediately verify the Journal's report, which the White House characterised as 'fake news'. The newspaper's report threatened to expand what has become a political crisis for Mr Trump, whose past friendship with Epstein has drawn renewed scrutiny after his administration said it would not release the files, reversing a campaign promise. The justice department released a memo earlier this month that there was no basis to continue investigating the Epstein case, triggering a backlash among Mr Trump's political base, who demanded more information about wealthy and powerful people who had interacted with Epstein. READ MORE Mr Trump has not been accused of wrongdoing related to Epstein and has said their friendship ended before Epstein was first prosecuted. Epstein died by suicide in 2019 while awaiting trial on sex-trafficking charges. He had pleaded not guilty and the case was dismissed after his death. Under political pressure last week, Mr Trump directed the justice department to seek the release of sealed grand jury transcripts from the case. A federal judge denied that request earlier on Wednesday. While the White House immediately dismissed the report as fictitious, Ms Bondi and deputy attorney general Todd Blanche issued a statement that did not directly address the Wall Street Journal's reporting. [ Donald Trump sues Rupert Murdoch and Wall Street Journal publisher for $10bn over Jeffrey Epstein report Opens in new window ] 'Nothing in the files warranted further investigation or prosecution, and we have filed a motion in court to unseal the underlying grand jury transcripts,' the officials said. 'As part of our routine briefing, we made the president aware of the findings.' The Journal reported that Ms Bondi and her deputy told Mr Trump at a White House meeting that his name, as well as those of 'many other high-profile figures', appeared in the files. Last week, the newspaper reported that Mr Trump had sent Epstein a bawdy birthday note in 2003 that ended, 'Happy Birthday – and may every day be another wonderful secret.' Reuters has not confirmed the authenticity of the alleged letter. Mr Trump has sued the Journal and its owners, including billionaire Rupert Murdoch, asserting that the birthday note was fake. Since the justice department's memo, Mr Trump has faced growing frustration among his base of supporters, after far-right figures spent years promoting conspiracy theories – at times echoed by Mr Trump – about Epstein and alleged ties to prominent Democratic politicians. Epstein hung himself in prison in 2019, according to the New York City chief medical examiner. But his connections with wealthy and powerful individuals prompted speculation that his death was not a suicide. The justice department said in its memo this month that it had concluded Epstein died by his own hand. [ Top Republican Mike Johnson shuts US Congress early to avoid Epstein vote Opens in new window ] In a sign of how the issue has bedevilled Mr Trump and his fellow Republicans, US House speaker Mike Johnson on Tuesday abruptly said he would send lawmakers home for the summer a day early to avoid a floor fight over a vote on the Epstein files. His decision temporarily stymied a push by Democrats and some Republicans for a vote on a bipartisan resolution that would require the justice department to release all Epstein-related documents. More than two-thirds of Americans believe the Trump administration is hiding information about Epstein's clients, according to a Reuters/Ipsos poll conducted last week. Wednesday's court motion stemmed from federal investigations into Epstein in 2005 and 2007, according to court documents. US district judge Robin Rosenberg found that the justice department's request in Florida did not fall into any of the exceptions to rules requiring grand jury material be kept secret. The justice department also has pending requests to unseal transcripts in Manhattan federal court related to later indictments brought against Epstein and his former associate Ghislaine Maxwell, who is serving a 20-year prison sentence after her conviction for child sex trafficking and other crimes. – Reuters (c) Copyright Thomson Reuters 2025


Irish Independent
2 hours ago
- Irish Independent
EU and US move toward trade deal that could include a 15pc baseline tariff on EU goods with possible exemptions
European negotiators were hoping to reach an agreement to dodge the 30pc tariff rate Trump has said he would impose on imports from the 27-nation bloc on August 1. The rate, which could also extend to cars, would mirror the framework agreement the U.S. has struck with Japan, which Trump announced late on Tuesday. There could be concessions for sectors like aircraft and lumber as well as some medicines and agricultural products, which would not face tariffs, the diplomats said. Washington does not, however, appear willing to lower its current 50pc tariff on steel, they said. The White House did not immediately respond to a request for comment. Trump trade adviser Peter Navarro told Bloomberg News the report from the EU should be taken with "a grain of salt." As talks continued, the European Commission said it would press on with potential counter-measures in case a deal was not reached. EU member states were set to vote on 93 billion euros of counter-tariffs on U.S. goods on Thursday, European diplomats said. A broad majority of members support using anti-coercion instruments if there is no deal, they said. Trump was aiming to secure an agreement on the heels of a complicated deal reached with Japan, the largest foreign investor in the U.S. That deal included a $550 investment and loan pledges from Japan and its commitment to buy 100 Boeing airplanes and boost purchases of U.S. agricultural products. That investment - to be spent at Trump's discretion - would focus on key industries like energy, semiconductors, critical minerals, pharmaceuticals and shipbuilding, the White House said on Wednesday. Tariffs on Japan's auto sector will drop from 27.5pc to 15pc as part of the agreement, reviving hopes for similar treatment for European cars. Asian and European stock markets rallied as investors cheered the U.S.-Japan agreement, but U.S. stocks showed a more modest rise and earnings reports were gloomy. American businesses making everything from chips to steel reported downbeat results on Wednesday, revealing how the Trump administration's chaotic trade policy has hurt profits, added to costs, upended supply chains and weighed on consumer confidence. U.S. automakers signaled their unhappiness with the Japan deal, raising concerns about a trade regime that cuts tariffs on Japanese auto imports while leaving 25pc tariffs on imports from their plants and suppliers in Canada and Mexico. "Any deal that charges a lower tariff for Japanese imports with virtually no U.S. content than the tariff imposed on North American-built vehicles with high U.S. content is a bad deal for U.S. industry and U.S. auto workers," said Matt Blunt, the president of the American Automotive Policy Council, which represents General Motors, Ford and Chrysler parent Stellantis. Automobile stocks led the climb of European shares after the Japan deal spurred hopes that the U.S. was budging over tariffs on EU cars. EU officials have previously said Washington has shown little sign of doing so. U.S. Treasury Secretary Scott Bessent said in an interview with Bloomberg Television that Japan received the 15pc rate on auto tariffs "because they were willing to provide this innovative financing mechanism" that he did not think other countries could replicate. Trump, however, has appeared open to a range of options as the U.S. negotiates trade deals. "I will only lower tariffs if a country agrees to open its market," Trump wrote in a social media post on Wednesday. The Republican president said late on Tuesday that other countries would be coming to Washington for talks this week. Governments were scrambling to close trade deals before next week's deadline that the White House has repeatedly pushed back under pressure from markets and intense lobbying by industry. U.S. and Chinese officials plan to meet in Stockholm next week to discuss extending an August 12 deadline for negotiating a trade deal. White House spokesperson Karoline Leavitt on Wednesday would not discuss expectations for the meeting, but said Bessent "looks forward to continuing discussions with his Chinese counterparts."


Irish Times
5 hours ago
- Irish Times
Possible tariff deal with US not a win for EU but does avoid damaging trade war
After months of back and forth and lots of shadow boxing, the European Union and the United States are said to be closing in on a trade deal that would impose a 15 per cent tariff on European imports. This would be similar to the agreement Donald Trump struck with Japan earlier this week and half the level threatened in recent weeks by the White House. On the face of it, such a deal might be considered a victory for the EU, limiting the damage for Irish and other European imports. There is talk of exclusions for medical devices and spirits, which would be of benefit to Ireland. READ MORE Yet a 15 per cent deal would be five percentage points higher than what the UK has agreed with Trump, putting Irish exporters at a disadvantage to their counterparts in Britain and north of the Border. It also means that some companies will have to consider raising their prices for a second time this year – a universal 10 per cent tariff has been in place since April 5th -or taking the tax hit themselves. Neither is an appealing scenario. [ US and EU close in on 15% tariff deal Opens in new window ] And it goes without saying that US consumers might baulk at the price of Kerrygold butter being increased again. There has to be a ceiling to what they are prepared to pay for a block of butter. Plus, what of the pharma sector (a key source of exports and corporation tax for Ireland), which has been separately threatened with tariffs of up to 200 per cent? Lots of details remain to be ironed out and a deal has yet to be signed, sealed and delivered. Trump might yet do another U-turn on negotiations. Anything is possible in the current uncertain climate. How will the updated National Development Plan shape Ireland in years to come? Listen | 35:59 But a deal would avoid a damaging trade war, and hopefully, draw a line under this saga. Irish and European businesses will also welcome some certainty on the tariffs issue, albeit at a cost to them, and an end to the swirl or rumour and uncertainty that has existed since Trump returned to power.