Trump Pressures Powell to Cut Rates, Cites 34 Countries Including South Korea

Pressure Message Written Over Country Interest Rate Chart
Revealed on Social Media
White House Spokesperson Highlights It Again During Briefing

Caroline Leavitt, White House Press Secretary, is showing a benchmark interest rate comparison chart that President Donald Trump reportedly sent to Jerome Powell, Chairman of the Federal Reserve, during a White House briefing on the 30th (local time). Photo by EPA

On June 30 (local time), U.S. President Donald Trump publicly pressured the Federal Reserve (Fed), the country's central bank, and Jerome Powell, Chairman of the Fed, to lower the benchmark interest rate.

On this day, President Trump posted an image on the social media platform Truth Social showing a handwritten message urging the Fed to cut rates, written over a chart ranking countries by their benchmark interest rates, with the United States in 35th place.

This image is identical to the one unveiled during the official briefing by White House Press Secretary Caroline Leavitt on the same day. Leavitt stated that President Trump had sent this to the Fed and proceeded to name all 34 countries with lower interest rates than the United States, including South Korea (ranked 16th).

In his handwritten message, President Trump wrote, "Jerome, as always, you are too late," and argued, "You have imposed a huge cost on America (interpreted as meaning high national debt interest due to elevated rates), and you will continue to do so."

President Trump continued, stating, "You (Chairman Powell) must cut the benchmark interest rate significantly," and added, "We are losing hundreds of billions of dollars (referring to increased national debt repayment costs due to high rates)," and, "(There is) no inflation (in the United States)."

In another post on Truth Social, President Trump criticized the fact that there are 34 countries with lower benchmark interest rates than the United States, writing, "Jerome 'Too Late' Powell and the entire Fed Board should be ashamed of themselves."

He went on to say, "We should be paying 1% or even better (lower) interest," urging the Fed to drastically lower the current benchmark rate of 4.25-4.50% to 1% or below.

As the conflict between President Trump and Chairman Powell intensifies, Axios reported that there is speculation about the possible emergence of a so-called "Shadow Fed Chair." In fact, The Wall Street Journal (WSJ) reported on June 25 that, with Chairman Powell's term having 11 months remaining, President Trump is considering nominating a successor this summer.

President Trump also stated on June 27 that, regarding Chairman Powell, whose term runs until May next year, "If he wants to (resign early), that would be good."