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On the morning of August 5th local time, US President Trump was interviewed by the “Financial Forum” program of the American Consumer News and Business Channel (CNBC) and delivered a speech on a series of hot issues.
After being sorted out by Bitchain Vision, this speech mainly coversFederal Reserve, tariff trade, immigration policy, banking and global geopoliticsetc.The main contents are summarized as follows:
1. Federal Reserve monetary policy and candidate for next chairman
In his speech, Trump once again criticized Powell for his late cut of interest rates.Trump said the Fed chairman was political and Powell cut interest rates too late.He ruled out the possibility of appointing U.S. Treasury Secretary Becent as Fed Chairman.”I like Scott very much, but he wants to stay with the Treasury Department,” Trump said. Trump said he is considering four candidates for the Fed chair, including one of his economic advisers, Kevin Hassett and former Fed director Kevin Wash.But he refused to name the other two candidates.
Trump said he may soon announce the new Fed chairman and the Fed’s director’s decision will be made this weekend.
2. Tariffs and Trade Policy
Regarding tariff policies, Trump announced that he would significantly increase the drug tariff rate (up to 250%) and said that he would announce drug and chip tariffs in the next week.He introduced that tariffs on drug imports will start at a lower level and may end up as high as 250%.Trump said he would initially impose “small tariffs” on drugs, but within a “maximum limit” between one to one and a half years, he would raise that tax rate to 150%, and then 250%.
In addition, Trump said that given that India continues to buy Russian oil, he will significantly increase Indian tariffs in the next 24 hours, with the current tax rate of 25%, but he did not explicitly mention the new tariff rate on India.”India is the country with the highest tariffs and is not a good trading partner,” Trump said.
Trump also mentioned that he supports the recent trade agreement with Japan and the EU.But he said that if the EU fails to fulfill its obligations, it will impose a 35% tariff on the EU.
3. Immigration Policy
Regarding immigration policy, Trump said that immigration rules will be introduced regarding farmers.He said that migrant workers cannot be easily replaced by migrant workers, and farmers cannot be isolated and helpless.
4. Bank issues
Regarding banking issues, Trump said he believes banks including JPMorgan Chase and Bank of America discriminate against him and his supporters.Currently, he is preparing to take action against banks that allegedly abandon clients for political reasons.
Trump said he believes several banks discriminated against his supporters, adding that Bank of America and JPMorgan had discriminated against him by going to refuse to accept his deposits.”I think they completely discriminate against me, and even more so, they discriminate against many conservatives. I think the word discrimination is more used in Trump supporters than conservatives,” he said in an interview.
Based on Trump’s remarks, a JPMorgan spokesperson later said: We will not close accounts for political reasons.We agree with U.S. President Trump that regulatory reform is imminent.We commend the White House for its efforts to address this issue and look forward to working with them to do the job well.
5. Russia-Ukraine conflict
Regarding the conflict between Russia and Ukraine, Trump said a drop in energy prices could put pressure on Russian President Putin to stop the Ukrainian conflict.”If energy prices can be reduced by $10 more per barrel, Putin will have no choice because his economy will be very bad,” Trump said in an exclusive interview with CNBC.
6. US economic data
Regarding U.S. employment data issues, Trump reiterated the allegations that labor statistics were manipulated.He said labor statistics were outdated and very politicized.
Regarding US employment data, Trump has spoken out intensively, saying that the employment report has been manipulated just as the data before the presidential election has been manipulated.Trump also said he would pick a prominent successor for the U.S. Labor Office.
7. Future successor
Regarding the issue of his future successor, Trump said in his speech that current Vice President Vance is “most likely” to be the heir to his “Make America Great Again” (MAGA) movement.
U.S. Secretary of State Rubio said earlier that Vance would be a great nominee if he decided to run, and Trump responded: “I think he (Vance) is the most likely.” He added: “We still have very outstanding talents, and some people are sitting on this stage today. So it’s too early to talk about this, but it’s certain that Vance is doing very well at the moment and he may be the most favored candidate now.”
Trump also said in the interview that he “probably won’t” seek a third presidency.
