Trump Narrows Fed Chair Search as Scott Bessent Withdraws, Eyes New Appointments Amidst Tariff Deadline

President Donald Trump has confirmed that Treasury Secretary Scott Bessent is no longer under consideration to replace Jerome Powell as Federal Reserve Chair. Trump stated in a recent interview, “I love Scott, but he wants to stay where he is,” indicating Bessent’s preference to remain in his current role. The President is now reportedly evaluating former Fed governor Kevin Warsh, top White House economist Kevin Hassett, and two other undisclosed individuals for the pivotal position.

This development unfolds amidst Trump’s ongoing and vocal criticism of current Fed Chair Jerome Powell, whom he has frequently disparaged over the central bank’s decision to maintain interest rates. While Powell is the highest-ranking official, rate decisions are made by a 12-person committee, and Trump’s public pressure has raised concerns about political interference in the Fed’s traditionally independent decision-making process.

Last week, the Federal Reserve opted to keep rates unchanged, a move that saw dissenting votes from Governor Christopher Waller and Vice Chair Michelle Bowman, who advocated for a quarter-point cut. Further contributing to the central bank’s evolving structure, Fed Governor Adriana Kugler submitted her resignation shortly thereafter, creating an additional vacancy Trump intends to fill for a four-month interim period. Trump also suggested this appointee could potentially be his pick for Fed Chair when Powell’s term expires next year.

Meanwhile, Bessent remains heavily involved in the administration’s trade efforts, having recently engaged with Chinese trade officials in Sweden regarding the extension of current tariff rates. This comes ahead of a critical August 12 deadline, after which failure to extend agreements could result in higher tariffs on goods exchanged between the two nations.

阅读中文版 (Read Chinese Version)

Disclaimer: This content is aggregated from public sources online. Please verify information independently. If you believe your rights have been infringed, contact us for removal.