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Seeds of Wisdom
TRUMP SLAMS POWELL OVER RATE CUTS: ‘TOO LATE AND WRONG!’ CALLS FOR FED CHAIR’S REMOVAL
U.S. President Donald Trump slammed Fed Chair Jerome Powell on Thursday, saying he’s “always too late and wrong” for not cutting interest rates. Trump believes the Fed should have acted way sooner to support the economy.
He notes that the European Central Bank might have already cut rates multiple times while Powell has been slow to act. Trump also mentioned in his post that oil prices and groceries, including eggs, have gone down and the US is benefitting from tariffs.
Trump Calls For Powell’s Termination
He notes that Powell should have acted sooner but he still needs to reduce the rates now. He also expressed frustration over Powell’s leadership, calling for his removal. “Powell’s termination cannot come fast enough!” he said.
In his Wednesday speech, Powell stated that the Fed would wait for more economic data before adjusting the interest rates. He also warned that the tariff policies could further push jobs off the track. Besides, he also added that the recent market volatility is a natural reaction to the administration’s shifting trade policies, and that is not something that the Fed requires to intervene.
“For the time being, we are well positioned to wait for greater clarity before considering any adjustments to our policy stance,” Powell said in his speech to the Economic Club of Chicago.
Powell’s Remarks Add to The Tensions
Powell said that the US tariffs could raise inflation and the public would end up paying for it. Trump also called Powell’s report ‘a complete mess’ and warned that Trump’s extensive tariffs on trade partners could force the Fed to make a difficult choice between tackling inflation and rising unemployment.
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Notably, these remarks further escalates the tensions between the White House and the Fed amidst a politically charged economic period.
Trump’s sweeping and unpredictable tariff policies have left the investors and trade partners unsettled and worrying over its potential impact on international trade. While Trump has urged Powell to cut rates, the Central Bank has held the interest rates steady at 4.25 to 4.5% since the start of the year.
@ Newshounds News™
Source: Coinpedia
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CHINA IMPORTS RECORD AMOUNTS OF CANADIAN OIL, CUTS US PURCHASES
China has begun importing record amounts of Canadian crude oil while slashing purchases of US oil by roughly 90% amid a growing trade war. A pipeline expansion in Western Canada has presented China and other East Asian oil importers with expanded access to the vast crude reserves in Alberta’s oilsands region. The deal resumes China’s oil imports while allowing the country to avoid making a new oil deal with the USA.
According to data from Vortexa Ltd., Chinese crude imports from the port at the pipeline terminus near Vancouver surged to 7.3 million barrels in March. On the flip side, Chinese imports of US oil have collapsed to 3 million barrels a month from a peak of 29 million in June.
“Given the trade war, it’s unlikely for China to import more US oil,” Wenran Jiang, president of the Canada-China Energy & Environment Forum, told Bloomberg. “They are not going to bank on Russian alone or Middle Eastern alone. Anything from Canada will be welcome news.”
Just yesterday, oil futures turned higher after Chinese officials signaled that they might be willing to engage with the U.S. However, those talks appeared to have reversed, as now the BRICS founder is working with Canada, another v----m of US tariffs. China likely isn’t going for oil from the Middle East due to oil from Alberta being inexpensive compared to the Middle East.
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While the oil price surge from China-US trade news gave a bit of relief, there are still significant challenges that remain in the market. The International Energy Agency just recently slashed its global oil consumption forecast, basically saying that supply additions will probably exceed demand. And those surprisingly large output increases that OPEC and its allies announced further complicate this whole situation. The trade war is streaming into the oil industry, causing countries like China to look for new options.
@ Newshounds News™
Source: Watcher Guru
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Source: Dinar Recaps
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