U.S. President Donald Trump waves from the roof of the West Wing of the White House as he takes a tour on August 05, 2025 in Washington, DC.
Win Mcnamee | Getty Images News | Getty Images
U.S. President Donald Trump joined CNBC’s “Squawk Box” Tuesday for a lengthy interview that touched on tariffs, the Federal Reserve, the state of Russia’s economy and being rejected as a customer by JPMorgan Chase and Bank of America.
For those pressed on time and want a very broad TL;DR: Trump appears to be digging in on his policies.
With modified country-specific “reciprocal” tariffs due to start Aug. 7 — and duties on India to be raised within the next 24 hours, according to Trump’s comments during the interview — the Trump administration seems to be turning its attention to sectoral ones. Trump told CNBC that he will announce his tariff plan for semiconductors “within the next week or so.” Additionally, he will impose “a small tariff” on pharmaceutical imports before ratcheting it up to 250% within a year and a half.
The U.S. president doesn’t look like he’s backing down from his feud with the central bank, either. Days after the Fed chose to hold interest rates, Trump discussed his potential candidates to replace Jerome Powell as Fed chair. Among those contenders are former Governor Kevin Warsh and Kevin Hassett, the National Economic Council director. “Both Kevins are very good,” Trump said.
Whichever Kevin — or “other people that are very good, too,” in Trump’s words — assumes the role when Powell’s term ends in May 2026 (or is truncated earlier, depending on Trump’s moves), they would have to help prop up an economy that seems to be slowing, as indicated by July’s startling jobs report and ISM Services index.
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(COMBO) This combination of pictures created on February 21, 2020 shows
US President Donald Trump delivers remarks at a Keep America Great rally in Phoenix, Arizona, on February 19, 2020.
Russian President Vladimir Putin delivers a speech during a ceremony in Jerusalem on January 23, 2020 commemorating the people of Leningrad during the Second World War Nazi siege on the city.
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Russia’s economy ‘stinks,’ Trump says, and lower oil prices will stop its war machine
The rift between Moscow and Washington looks set to deepen. “Putin will stop killing people if you get energy down another $10 a barrel. He’s going to have no choice because his economy stinks,” Trump, told CNBC’s “Squawk Box” on Tuesday.
The comments come after relations between Moscow and Washington, which remained cordial at the start of Trump’s second term in office despite the ongoing war, soured in recent weeks.
— Holly Ellyatt