WASHINGTON (AP) — U.S. Treasury Secretary Scott Bessent said in a Tuesday speech that the ongoing tariffs showdown against China is unsustainable and expects a “de-escalation” in the trade war between the world’s two largest economies. The uncertainty over tariffs in the financial markets has also been amplified by Trump calling on the Federal Reserve to cut its benchmark interest rate, with the president saying he could fire Fed Chair Jerome Powell if he wanted to do so. Leavitt said Trump believes the Fed has by holding rates steady as it awaits the impacts of tariffs “in the name of politics, rather in the name of what’s right for the American economy.”
Author: Josh Boak, Associated Press, Fatima Hussein, Associated Press
Published at: 2025-04-22 21:59:09
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