As part of a series of tweets blasting the Federal Reserve and China—which announced new tariffs on U.S. goods on Friday—President Trump asked, “Who is our bigger enemy, Jay Powell or Chairman Xi?” Jerome Powell was appointed chair of the Federal Reserve by Trump in February 2018. Speaking at the Fed’s annual Jackson Hole symposium at 10 a.m., Powell said Friday that uncertain trade environments have created a “new challenge” for policymakers and vowed to “act as appropriate to sustain the expansion” in the U.S. economy, according to the Financial Times.
Trump responded in a tweet, claiming, “Our Country has lost, stupidly, Trillions of Dollars with China over many years,” and that the Federal Reserve failed to act. “As usual, the Fed did NOTHING! It is incredible that they can ‘speak’ without knowing or asking what I am doing, which will be announced shortly,” he wrote. In a subsequent tweet, Trump said U.S. companies “are hereby ordered to immediately start looking for an alternative to China, including bringing... your companies HOME and making your products in the USA.” He then promised he would be responding to China’s new tariffs on roughly $75 billion worth of U.S. goods later this afternoon.