Former U.S. President Donald Trump has claimed that the good parts of the U.S. economy are thanks to him, while blaming President Joe Biden for the bad parts. In a recent interview, Trump made it clear that he won’t be removing Jerome Powell, the head of the U.S. central bank, even though he called him “a total stiff.” Trump also repeated his usual demand: that interest rates should go down.
Trump Believes He Deserves the Credit
Trump said that even though the U.S. economy shrank in the first quarter of the year, it wasn’t his fault. He blamed Biden. But any positive signs? Trump said that’s all him. He said his actions helped lower the price of gas and energy, and also helped to reduce how much the U.S. buys from other countries compared to what it sells.
The Tariff Drama
Trump didn’t stop there. He explained again why he put taxes (called tariffs) on many goods from countries like China, Mexico, and Canada. He said these tariffs would make Americans richer in the long run. For him, Americans don’t need 30 dolls or 250 pencils, they can do with just a few. That’s why he thinks higher prices caused by tariffs are okay.
In April, Trump placed a 10% tax on most countries’ goods and even higher ones on some specific products like steel, aluminum, and cars. For China, he went big, 145% tariffs. He proudly stated that he basically cut off trade with China and called it “cold turkey.” He said that now China is begging to make a new trade deal with the U.S.
Interest Rates and the Federal Reserve
Even though Trump isn’t a fan of Jerome Powell, he said he wouldn’t fire him before his term ends in 2026. But Trump still wants the U.S. Federal Reserve to cut interest rates. He believes Powell is not doing it just because he doesn’t like him. Despite all this, Trump said he will keep Powell in the job and wait till his time is up to bring in someone new.
Confusing Signals
Trump’s statements about the economy send mixed messages. On one hand, he says the economy is not doing well, and that’s Biden’s fault. On the other hand, he says things are improving because of what he did when he was president. His actions have made markets very unstable in recent times, especially when he speaks against Powell or talks about more tariffs.
Trump wants people to believe that everything good happening in the U.S. economy is his doing. He doesn’t want to be blamed for anything bad. Whether or not the economy really improved under Trump depends on who you ask. But what’s clear is that Trump still wants credit, and he isn’t backing down from his strong views on trade, tariffs, and money matters.
