Why Trump Is Fed Up With Powell
Plus: A copper smelter stands alone, and a new episode of the Elon, Inc. podcast.
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The US Federal Reserve decided to keep interest rates where they are. Bloomberg News senior economics reporter Enda Curran explains why Donald Trump isn't happy. Plus: The challenge of reviving US copper production, how Microsoft is standing by its climate goals, and is MAMUWT (Musk Always Makes Up With Trump) really a thing?
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CFOTO/Getty Images President Donald Trump has announced a string of harsher-than-expected tariffs this year to rekindle US manufacturing. The moves, which include 25% tariffs on Mexico, Canada, and autos, plus a 30% tariff on China and a 10% baseline tariff on all imports, have forced economists to rethink their global projections for economic growth this year. Related: Forget tariffs, Fed interest rate cuts may hinge on another problem For instance, earlier this month, the World Bank reduced its worldwide gross domestic product, or GDP, forecasting 2.3% from 2.7% previously, citing tariff uncertainty. Contributing significantly to the reduced outlook is a major downgrade of U.S. growth to 1.4% from 2.3%. The World Bank lowered its U.S. forecast to 1.6% in 2026, down from 2%. The Federal Reserve also anticipates the slowing growth in the US because of tariffs' bite. The Fed updated its closely watched Summary of Economic Projections on June 18. 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Associated Press
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- Associated Press
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