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Representative Maxine Waters, the top Democrat on the House of Representatives Financial Services Committee, said in a statement that Trump and Mnuchin’s actions “have been erratic and are creating uncertainty and instability in the markets.”. Wall Street is closely following reports that Trump had privately discussed the possibility of firing Powell, who became the Fed chief early last February after being appointed by Trump and has continued the path of gradual rate hikes started by his predecessor, Janet Yellen novelty cufflinks.
Mnuchin said on Saturday that Trump told him he had “never suggested firing” Powell. Still, just the public suggestion that Trump might try to interfere so deeply with the Fed was unsettling to financial markets that have long operated on the presumption of the U.S. central bank’s independence from political meddling novelty cufflinks. Adding to the disquiet is the lack of clarity over whether Trump could in fact dismiss Powell. Sarah Binder, a professor of political science at George Washington University, said it was “ambiguous legally” whether Trump could remove Powell from the chairman role..
The Federal Reserve Act is clear that Powell can only be removed from the Fed’s board of governors “for cause,” which is generally understood to mean malfeasance, rather than disagreements over interest rates, Binder said. But it may be lawful for Trump to remove Powell from the chairman role, Binder said novelty cufflinks. When Congress last amended the statute in 1977, it did not address whether removal from the chairman role must be “for cause,” she said. Troubles in Washington have escalated in recent days with a partial government shutdown that began on Saturday following an impasse in Congress over funds for a wall on the border with Mexico. Defense Secretary Jim Mattis’ resignation on Thursday after Trump’s surprise decision to pull U.S. troops out of Syria also unsettled investors..
(This story dated December 17 corrects Scott Kennedy’s title and organization in 21st paragraph). By David Lawder novelty cufflinks. WASHINGTON (Reuters) – The United States has welcomed Chinese concessions since the two declared a trade war truce in early December, but trade experts and people familiar with negotiations say Beijing needs to do far more to meet U.S. demands for long-term change in how China does business. U.S. President Donald Trump and his Chinese counterpart, Xi Jinping, agreed on Dec. 1 in Buenos Aires to stop escalating tit-for-tat tariffs that have disrupted the flow of hundreds of billions of dollars of goods between the world’s two biggest economies..
Since then, Beijing has resumed buying U.S. soybeans, the single largest agricultural export between the two countries. China has also cut tariffs on imports of cars from the United States, dialed back on an industrial development plan known as “Made in China 2025,” and told its state refiners to buy more U.S. oil novelty cufflinks. Trump took those as signs that “China wants to make a big and very comprehensive deal.”. But they only start to bring Beijing and Washington back to their pre-trade-war status quo, experts said, and do little to resolve core U.S. demands for structural changes in China to end policies that subsidize large state-owned enterprises and effectively force the transfer of American technology to Chinese firms..