Trump Threatens to Fire Fed Chair Powell Over Tariff Comments, Escalates Pressure on Harvard
In a significant escalation of tensions between the White House and the Federal Reserve, U.S. President Donald Trump on Thursday, April 17, 2025, suggested that Federal Reserve Chair Jerome Powell's termination 'cannot come fast enough.' This statement comes in response to Powell's recent comments on the impact of Trump's tariff policies [1][2][3].
The president's remarks followed a speech by Powell on Wednesday, where the Fed chair expressed the need for 'greater clarity' on the effects of various policy changes, including tariffs, before considering potential interest rate cuts. Powell stated that Trump's broad-based tariffs have complicated the Federal Reserve's decision-making process [1][2][3].
Trump has consistently pushed for more aggressive interest rate cuts, viewing them as necessary for economic growth. However, the Federal Reserve, maintaining its independence, has been more cautious in its approach to monetary policy [1][2][3].
In a related development, the Trump administration has intensified its scrutiny of Harvard University. The Department of Homeland Security has threatened to revoke Harvard's ability to host international students if the university does not comply with a demand to turn over 'detailed records on Harvard's foreign student visa holders' illegal and violent activities' by April 30 [1][2].
This move could significantly impact Harvard, where more than 27% of the student body comes from other countries. Additionally, the department announced the cancellation of two grants to the university, totaling $2.7 million [2][3].
These actions represent an escalation in the ongoing conflict between the Trump administration and Harvard University, which has thus far resisted the administration's demands in a dispute over federal funding [3].
As these events unfold, observers note the potential implications for both U.S. monetary policy and the future of international education in American universities.