US President Donald Trump is taking credit for any signs of economic strength in the US while blaming President Joe Biden for recent weaknesses, including the first-quarter contraction in GDP. In a wide-ranging interview on NBC News’ “Meet the Press,” Trump also lobbed fresh criticism at Federal Reserve Chair Jerome Powell, whom he described as “a total stiff,” even as he vowed not to remove him before his term ends in 2026.
Trump reiterated his belief that his trade and economic strategies – including sweeping tariffs – are ultimately benefiting Americans, despite recent market volatility and growing concerns about inflation. “I think the good parts are the Trump economy and the bad parts are the Biden economy because he’s done a terrible job,” Trump said. He pointed to falling energy and gasoline prices and a narrowing trade deficit as signs of his policies working.
Trump’s remarks come amid the most turbulent stretch for Wall Street since the early COVID-19 pandemic, largely sparked by his aggressive tariff strategy. In early April, he imposed a 10% tariff on most countries, higher rates for some trading partners, and reinstated or raised duties on autos, steel, aluminum, and goods from China, which now face a 145% tariff. While officials say negotiations are underway with more than 15 countries to avoid further hikes, Trump has not ruled out making some tariffs permanent.
“Why would they build in the United States if they thought [tariffs] were going to come off the table?” Trump asked, claiming credit for trillions in investments from global and domestic companies.
Trump shrugged off concerns that higher tariffs could drive up consumer prices. “They don’t need to have 30 dolls,” he said. “They can have three. They don’t need to have 250 pencils. They can have five.”
He also claimed that the US has effectively gone “cold turkey” with China on trade and suggested Beijing is eager to strike a new deal. “We’re not losing a trillion dollars … because we’re not doing business with them right now,” Trump said. “They want to make a deal very badly.”
Despite sharp criticism of Powell, Trump issued his clearest signal yet that he does not intend to remove the Fed chair early. “No, no, no,” he said. “Why would I do that? I get to replace the person in another short period of time.”
Still, he questioned Powell’s motives and reiterated his desire for lower interest rates. “He should lower them. And at some point, he will,” Trump said. “He’d rather not because he’s not a fan of mine. You know, he just doesn’t like me because I think he’s a total stiff.”
