But President Trump told Businessweek in the late June sitdown, that he “would let him serve it out” if he is “doing the right thing.”
The president, however, may not have the legal authority to dismiss Mr. Powell before the end of his term in May 2026, other than vaguely “for cause,” although this issue has never been tested in court.
Mr. Powell has repeatedly confirmed he intends to serve out his entire second term.
On interest rates, the former president believes the central bank should refrain from cutting the policy rate before the November election, which might boost the economy and potentially President Joe Biden.
“It’s something that they know they shouldn’t be doing,” he said.
Investors are penciling in the first rate cut at the September policy meeting. Mr. Powell and his colleagues at the central bank insist that they leave politics at the door and concentrate only on the data rather than election dates.
Inflation and Immigration
While recent data suggest progress has been made in bringing inflation down to the Fed’s 2 percent target, a broad array of sticky price pressures has kept inflation elevated.Former president Trump says one area that could help ease inflation is energy.
He says opening up the United States to more oil and gas drilling would lower prices.
![A rig hand works on an electric drilling rig for oil producer Civitas Resources, at the Denver suburbs, in Broomfield, Colo., on Dec. 2, 2021. (Liz Hampton/Reuters)](/_next/image?url=https%3A%2F%2Fimg.theepochtimes.com%2Fassets%2Fuploads%2F2022%2F04%2F1.tagreuters.com2022binary_LYNXNPEI3D0C3-FILEDIMAGE-600x450.jpg&w=1200&q=75)
“We have more liquid gold than anybody,” the billionaire real estate mogul said, although Venezuela actually has the world’s largest oil reserves.
Crude oil prices are up 14 percent so far this year, lifting the U.S. benchmark to nearly $82 a barrel on the New York Mercantile Exchange. The average price for a gallon of gasoline is about $3.51, up 14 percent year to date.
The GOP presidential hopeful wants to boost domestic wages and employment by grappling with the immigration file that he believes will transform the economy and help minorities.
Wall Street
If elected in November, a second-term President Trump wants to lower the corporate tax rate to 15 percent, from the current 21 percent.President Biden has proposed raising the federal corporate income tax rate to 28 percent.
“He is somebody that I would consider,” President Trump told Businessweek.
Big Tech is negatively affecting children’s mental health, contributing to the growing rates of suicide among young people, the former president noted.
“They have become too big, too powerful,” he said. “They’re having a huge negative impact on, especially, young people.”
He reiterated his position that he would not ban TikTok because it would reward other social media companies.
“I’m for TikTok, because you need competition,” President Trump said. “If you don’t have TikTok, you have Facebook and Instagram—and that’s, you know, that’s Zuckerberg,” referring to Meta CEO Mark Zuckerberg.
Foreign Policy
As they were during his first four years in the White House, tariffs will have a role in crafting foreign policy in a possible second presidency.“Man, is it good for negotiation,” he stated. “I’ve had countries that were potentially extremely hostile coming to me and saying, ‘Sir, please stop with the tariff stuff.’”
In recent months, the former president has proposed 60 percent tariffs on all goods from China and 10 percent across-the-board tariffs on all goods from other nations.
He contends that places like Germany and Scotland “treat us violently.”
“But I was changing all of that and that culture,” he said.
Shifting support for Taiwan may be another divergence in foreign policy from the current administration.
The former president grieved that “Taiwan took our chip business from us” and “they’re immensely wealthy.” He suggested that Taiwan pay the United States for protection.
“I don’t think we’re any different from an insurance policy. Why? Why are we doing this?” he asked.
His opinions of Saudi Arabia were more cordial, reflecting on his positive relationship with Crown Prince Mohammed bin Salman Al Saud.
“He likes me, I like him,” the former president said.
Despite his pledge to expand U.S. oil and gas production that could irk the Saudi kingdom, President Trump says “they’re always going to need protection.”
“I'll always protect them,” he added.
In addition, the policies of President Biden and former President Barack Obama pushed Riyadh into the arms of China, the former president said.
“They’re not with us anymore,” he said. “They’re with China. But they don’t want to be with China. They want to be with us.”
Since 2013, China has been the largest energy market for Saudi Arabia’s crude oil, representing more than one-fifth of the Middle East country’s exports.
While shipments have eased since the start of the year, Saudi oil exports to China will rebound in August to at least 44 million barrels following immense price reductions by Saudi Aramco.