Trump U-Turns on Powell

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Confronted with fresh warnings from financial markets, business leaders and top advisers, President Donald Trump this week eased off on two of his frequent punching bags: Jerome Powell and China.

Trump entered office with a steadfast desire to reshape the global economy. But his resolve has appeared to waver in the face of turmoil in equities and bonds and pleas from powerful executives who fear his sweeping tariffs and interference with the Federal Reserve could set off an economic calamity.

Trump on Tuesday said he had no intention to fire Powell — despite days of criticism over the central bank’s policies — and said he believed a deal with Beijing would significantly reduce the sweeping tariffs he’s posted on Chinese goods. After a report that the US would be willing to phase in lighter tariffs on Beijing over five years on Wednesday, Trump told reporters that China was “going to do fine” once talks had settled.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with: • Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino. • Atlantic Council Nonresident Senior Fellow Melinda Haring. • Bloomberg Technology Co-Host Ed Ludlow. See omnystudio.com/listener for privacy information.