Trump Says He May Announce Next Fed Chair “Fairly Soon”

U.S President Donald Trump has provided an update on his plans to announce Fed Chair Jerome Powell’s replacement, stating that the announcement may come fairly soon. He also revealed that he has four candidates in mind and that Scott Bessent isn’t one of them, having turned down the job.

Donald Trump Comments On Fed Chair Jerome Powell’s Potential Replacement

In a CNBC interview, the U.S. president said that he might announce the new Fed Chair fairly soon and that it will be one of the four candidates he already has in mind. This came as he again accused Jerome Powell of being highly political in his decision not to lower rates just yet.

It is worth mentioning that Powell’s tenure doesn’t end until May 2026. However, Donald Trump is at liberty to announce the next Fed Chair now, although this has raised concerns that it could bring about a ‘Shadow Fed.’

There have been talks about Powell potentially resigning, but there is only about a 14% chance of that happening this year, according to Polymarket data. Meanwhile, the president has ruled out Treasury Secretary Scott Bessent as the next Fed Chair, stating that he declined consideration for the job.

Polymarket data shows that Kevin Warsh, Kevin Hassett, and Chris Waller are leading the race to become the next Fed Chair. There is a 33%, 17%, and 15%, respectively, of them being Donald Trump’s pick to replace Powell. During the signing of an executive order to establish the 2028 Olympics Task Force, the president confirmed that he is considering the “two Kevins and two other people.”

The President Discusses Trade Deals and Tariffs

As part of his interview, Donald Trump also discussed the trade deals and tariffs, which have so far had a significant impact on the crypto market. The president stated that he will place a 35% tariff on the E.U. if they don’t meet their obligations.

He also reiterated his plans to raise tariffs on India over the country’s relationship with Russia. Trump had earlier placed a 25% tariff on India because it was one of the largest buyers of Russian energy and ammunition.

Donald Trump then stated yesterday that he would substantially raise tariffs on the country, accusing it of indirectly financing the Russia-Ukraine war. In his interview, the president also claimed that India is the country with the highest tariffs.

Meanwhile, he also discussed a potential trade deal with China, stating that they are close to reaching an agreement. The U.S. president also plans to meet Xi Jinping later in the year if they reach a deal.

It is worth mentioning that Donald Trump commented on being treated unfairly by JP Morgan and Bank of America. This comes at a time when the White House is planning to issue an executive order aimed at curbing “Operation Chokepoint 3.0.”

This is meant to address discrimination against individuals or entities based on political grounds. Notably, crypto exchange Gemini’s co-founder, Tyler Winklevoss, who backed Trump,  recently accused JP Morgan of halting his exchange’s reboarding as a customer of the bank.