Trump holds firm on tariffs, Fed declines to cut rates

WASHINGTON (NEXSTAR) – With a Friday deadline looming, President Donald Trump approves new tariffs on Brazil and copper, pressuring nations to strike trade deals.  At the same time, the fed says it won’t cut interest rates.

The president is taking a hard line on trade, signing off on new tariffs while threatening more to come but as he turns up the pressure globally, he’s also clashing with the Federal Reserve here at home.

President Trump signed an executive order Wednesday, imposing a 50% tariff on most Brazilian goods.

Democrats are sounding the alarm.

“Donald Trump’s tariffs are weighing down the U.S. economy,” said Senate Minority Leader Chuck Schumer (D-N.Y.).

The president is also threatening a 25% tariff on India.

“They sell a lot to us, but we don’t buy from them, because the tariff is so high,” said Trump.

The president says the goal is to secure new trade deals before his August 1st deadline.

At the same time, he’s pushing the Federal Reserve to lower interest rates, something chair Jerome Powell says the fed is not ready to do.

“We’re keeping the rates high and it’s hurting people from buying houses… it’s all because of the fed. He’s done a bad job,” said Trump.

Powell defended the fed’s position Wednesday, saying the rates aren’t changing, at least not yet.

“We’re still a ways away from seeing where things settle down,” said Powell.

All eyes will be on the September fed meeting to see if rates are cut but Powell says it’ll depend on how these tariffs play out in the economy.