En un giro significativo que ha generado alivio en los mercados internacionales, Donald Trump anticipó este martes que habrá una rebaja "sustancial" de los aranceles impuestos a las importaciones chinas, al tiempo que aseguró que he has no intention of ousting the president of the Federal Reserve (Fed), Jerome Powell.
The dual statement represents a change in tone from the U.S. president regarding two of the most contentious fronts of his economic policy: the relationship with the central bank and the trade war with China.
Both positions had caused uncertainty among investors, which led to a significant withdrawal of capital from the U.S. markets at the beginning of this week.
Regarding the Fed, Trump clarified that he has no "intention of firing him," referring to Jerome Powell, despite his repeated criticisms of the central bank's interest rate policy.
The president added that he would like to see Powell "a little more active" regarding interest rate cuts, as he believes "it is the perfect time to do so," according to a report this Wednesday by the agency EFE.
He even downplayed his own aggressive rhetoric from previous days: “If he doesn't do it, is it the end? No,” he stated, easing the tension after having labeled Powell as the “big loser” in an earlier statement.
Tariff War: From Escalation to De-escalation
Regarding the trade dispute with China, Trump surprised many by stating that the 145% tariffs imposed by his administration on numerous Chinese products "will decrease substantially."
Although he did not provide a specific figure, he did indicate that "it will not be anywhere near that number," although "it will not be zero either."
It is important to remember that these tariffs were initially justified by reasons such as China's role in the distribution of fentanyl and economic practices deemed unfair by Washington.
Beijing responded with equivalent measures, imposing tariffs of 125% on U.S. goods, which intensified a trade war that has had adverse effects on global trade.
The Chinese president, Xi Jinping, also spoke decisively this Wednesday, warning that tariff conflicts "undermine the legitimate rights and interests of all countries, damage the multilateral trading system, and impact the global economic order."
Internal tensions and external pressures
The pressure for de-escalation also comes from the U.S. government itself.
The Secretary of the Treasury, Scott Bessent, mentioned at a private event that the current tariffs “amount to a reciprocal trade embargo”, and expressed his confidence that a gradual reduction of tensions will be achieved.
In the words of a source present, Bessent sees "a de-escalation in the near future."
Howard Lutnick, U.S. Secretary of Commerce, has also advocated for a "tariff truce," positioning himself against the harder line promoted by Peter Navarro, one of Trump's closest advisors on trade issues.
For her part, the White House spokesperson, Karoline Leavitt, emphasized that the government is “doing very well regarding a potential trade agreement with China.”
According to Leavitt, "the president and the government are setting the stage for an agreement," as "the ball is rolling in the right direction."
The economic consequences and the Fed's stance
Trade tensions have had tangible effects on economic projections.
Jerome Powell, head of the Fed, has repeatedly warned that the trade war could pose a significant burden on the U.S. economy.
The International Monetary Fund (IMF) has lowered its forecasts for the U.S., placing growth at 1.8% for this year, which represents a decrease of 0.9 percentage points compared to its previous estimate.
Powell, whose second term ends in May 2026, has opted for a cautious strategy in light of the dilemma he faces: while a rapid reduction in interest rates could stimulate the economy by easing credit, it also carries the risk of higher inflation, especially if high tariffs are maintained.
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