President Trump on Friday morning threw barbs at Trump-appointed Federal Reserve Chairman Jerome Powell, against whom he’s railed over and over again in recent months due to the Fed’s refusal to cut interest rates.
The central bank’s decision not to do so, however, seems to rest ultimately at the feet of Trump’s economic mismanagement, as Powell said earlier this month that the Fed would have lowered rates this year were it not for Trump’s tariffs.
But as TNR’s Timothy Noah observes, Trump interprets Powell’s judgment as evidence that he “wants him to fail, because Trump is incapable of not taking anything personally.” As a result, the Fed chair has of late been on the receiving end of innumerable schoolyard insults from the president: “numbskull,” “dumb guy,” “major loser,” “low IQ,” “Trump hater,” and so on.
“I think he’s doing a terrible job,” Trump told reporters on Friday, though he said he wouldn’t oust Powell. “I think we should be three points lower interest rate. He’s costing our country a lot of money. We should be number one, and we’re not, and that’s because of Jerome Powell.”
The president was quick to clarify that the United States is “number one in the world,” just not “in terms of interest,” before going on to credit himself for the country’s purported transformation from a “dead country” to “the hottest country” (a new favorite adjective of his).
“I’ll tell you a little simple—a little simple language,” Trump said. “One year ago, our country was a dead country. We were going nowhere except down. We were the laughingstock all over the world. And now we’re the hottest country anywhere in the world. We’re number one everywhere, anywhere in the world. And that’s all they’re talking about, is our country.”
In reality, America’s image in the eyes of the world has, per the Pew Research Center, declined during Trump’s presidency. The U.S. is being seen as an increasingly unserious and unstable country on the international stage. And, as with Trump’s gripes with Powell, this undoubtedly owes in no small part to the president’s chaotic approach to trade policy and erratic leadership more broadly.
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