Bloomberg Daybreak: Europe Edition Trump: Not Firing Powell, Recession Fear, Musk’s Tesla Focus
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Apr 23, 2025 President Trump is sticking by Federal Reserve Chair Jerome Powell despite his frustrations with interest rates. Trade tensions with China are bubbling, with calls for de-escalation from both sides. Meanwhile, the IMF warns that uncertainty could increase the risk of a global recession. Elon Musk is refocusing on Tesla, stepping back from government involvement to tackle investor concerns amid rising competition. The UK seeks favorable trade negotiations with the US to protect its interests amidst these turbulent economic times.
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Trump Reverses Powell Firing Threat
- Donald Trump reversed his stance and said he never intended to fire Jerome Powell as Fed Chair.
- This shift eased financial market tensions, boosting stocks and dollar values.
Tariffs Impact Inflation and Jobs
- Federal Reserve Governor Adriana Kugler warns tariffs will raise prices more than expected.
- Tariffs pose upside inflation risk and downside employment risk amid uncertainty.
Tariff Tensions May Ease With China
- Trump signals willingness to reduce tariffs with China but not to zero.
- Treasury Secretary Scott Bessent says US-China tariff standoff is unsustainable for both sides.