Former President Donald Trump used his social media platform, Truth Social, to urge Federal Reserve Chairman Jerome Powell to cut interest rates amid a continuing stock market decline following Trump’s tariff announcement. In an all-caps post, Trump stated, “This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates.” He added that energy prices, interest rates, and inflation were all down, suggesting it was an opportune moment for a rate cut. The S&P 500 fell by 5% in morning trading, marking its worst day since the 2020 COVID-induced economic downturn. Trump also criticized China for its response to the escalating trade war, accusing Beijing of panicking over tariff increases. The Associated Press contributed to this report.
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