2025-04-28
5 分钟The Economist. Hi, John Pridow here.
I host Checks and Balance, our podcast on US politics.
Welcome to Editors' Picks.
Here's an article from the latest edition of The Economist handpicked by our team and read aloud.
I hope you enjoy it.
When Donald Trump is making economic policy,
a reprieve is little more than a pause for breath.
In February, investors cheered when he postponed tariffs on Canada and Mexico.
By April, he was torching the global trading system.
So it is with his latest about-face.
On April 22, the President said he had no plans to sack Jerome Powell,
Chairman of the Federal Reserve, having spent the week threatening to do just that.
Is central bank independence back?
Only until the president's mood swings again or a different advisor has his ear.
Mr. Trump's ultimate desire is not in doubt.
The Fed has cut rates by only a percentage point since September to 4.25 to 4.5 percent.
Mr. Trump has always disliked tight money and covets the lower rates in Europe and elsewhere.
And, by contrast with his first term, when the economy was mostly strong,
he now faces the threat of a recession caused by his own foolish trade policy.
As a result, Mr. Trump is now searching for a scapegoat.