In a recent interview with Bloomberg, former President Donald Trump stated that he does not intend to remove Federal Reserve Chair Jerome Powell before the end of his term and is considering JPMorgan CEO Jamie Dimon for the position of Treasury Secretary if he wins the upcoming presidential election on November 5.
Jerome Powell, who has served as the Federal Reserve Chair since 2018, will continue in his role until January 2026. His term as a Fed governor extends until 2028. Trump’s decision to retain Powell marks a shift from his previous criticisms of the Fed Chair during his presidency, where he often expressed frustration with the central bank’s monetary policies.
Trump also mentioned that he would consider JPMorgan CEO Jamie Dimon for the Treasury Secretary position. Dimon, a prominent figure in the financial industry, has led JPMorgan since 2005 and is widely respected for his management of the bank. JPMorgan declined to comment on Trump’s remarks about Dimon.
During t he interview, conducted in late June, Trump outlined several key economic policies he would pursue if elected. He expressed his intention to lower the corporate tax rate to as low as 15%, a significant reduction aimed at boosting business investment and economic growth. Additionally, Trump stated he no longer plans to ban the social media app TikTok, reversing his earlier stance on the issue.
Trump advised the Federal Reserve to abstain from cutting interest rates before the November elections. This position aligns with his broader economic strategy, which focuses on maintaining economic stability and growth leading up to the election. Trump will face off against Democratic President Joe Biden in the race for the White House.
On the trade front, Trump announced his intention to target China with new tariffs ranging from 60% to 100%, escalating the ongoing trade tensions between the two nations. He also proposed a 10% across-the-board tariff on imports from other countries, citing concerns that foreign nations are not purchasing enough U.S. goods. This approach aims to protect American industries and reduce the trade deficit.
Trump’s recent interview with Bloomberg highlights his plans to shape economic policy and key appointments if he returns to the presidency. His commitment to retaining Jerome Powell, considering Jamie Dimon for Treasury Secretary, and implementing significant tax and trade measures underscore his focus on economic growth and stability. As the election approaches, these statements provide insight into Trump’s potential administration and its impact on the U.S. economy.
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