'Not going to fire him': Secy. Bessent SHRUGS off Trump’s attacks on Fed Chair Powell

Trade Negotiations & Tariffs - The US and China are likely to extend President Trump's trade deadline, originally set to expire on August 12th [1] - President Trump has stated that countries without a deal by August 1st will revert to the April 2nd reciprocal trade tariff level, potentially increasing pressure during negotiations [3] - Regarding China, the US had peaked at 145 tariff level, while China peaked at 125; current tariffs stand at 30% from the US on China and 10% from China on the US [7] - The US is moving into a new phase with China, aiming to balance the economic relationship [8] Inflation & Consumer Impact - The Treasury Secretary believes manufacturers and exporters are absorbing a substantial portion of the tariffs, impacting their profit margins [14][15] - The Treasury Secretary is confident that overall inflation numbers will remain benign and consumers will not see higher prices due to tariffs [17] - Retailers are also absorbing some of the tariff costs, particularly those with increased margins during COVID [15] Federal Reserve - President Trump has repeatedly stated he will not fire Fed Chair Jerome Powell [9] - Individuals in public service should expect pressure from various sources [11]