Larry Kudlow: China’s Decline to Second Place in Global Standing
The Trump war against Jay Powell appears to be cooling for now. In a recent interview, the President stated he has “no plan” to fire Powell, regardless of any ongoing investigations. He also mentioned that the two Kevins—Warsh and Hassett—are the leading candidates for the Federal Reserve position. Interestingly, during a discussion last Sunday night, the President expressed plausible deniability regarding the Powell subpoena, emphasizing that there is currently no grand jury or charges filed against him.
While Jay Powell has arguably caused significant damage to the Federal Reserve’s independence and economic policy in recent years, this does not equate to criminal behavior. The cost overruns associated with the Fed’s renovation are indeed troubling, but such issues are not uncommon in Washington, D.C. The priority should be to remove Powell from office as soon as possible, potentially through discussions with the Justice Department. The sooner one of the two Kevins takes over as Fed Head, the better it will be for the Trump economic boom, paving the way for substantial reforms at the central bank.
In other news, there is an intriguing development regarding the trade deal with Taiwan, which has reportedly been finalized. Commerce Secretary Howard Lutnick announced that this deal could generate $500 billion in new factory production in the U.S., with funding split evenly between the Taiwanese government and private companies. This marks another victory for Trump’s trade policies, which prioritize domestic manufacturing. However, it also signifies a setback for China.
White House National Economic Council Director Kevin Hassett discusses the role of the Federal Reserve, President Donald Trump’s economic feats, and more on ‘Making Money.’
If you haven’t yet, I highly recommend reading Arthur Herman’s piece, “America is the Sole Super Power again,” featured on the WSJ Editorial page. The subheading reads, “China could’ve been a contender, but Trump has led the U.S. to a new unipolar moment.”
Mr. Herman will be joining us shortly, and he makes a compelling argument that Trump’s economic and military strategies are reshaping the global landscape and establishing a new world order. From bombing Iran’s nuclear sites to achieving a ceasefire in Gaza, arresting Maduro in Venezuela, and achieving 5% economic growth with nearly 14 million barrels of oil produced daily, Trump’s policies are making a significant impact.
Furthermore, advancements in chips, artificial intelligence, quantum computing, and other technologies are propelling the U.S. ahead in the superpower race. While China has made strides, the U.S. is pulling away, and it’s clear that Trump is indeed making America great again.
The Trump war against Jay Powell appears to be cooling for now. In a recent interview, the President stated he has “no plan” to fire Powell, regardless of any ongoing investigations. He also mentioned that the two Kevins—Warsh and Hassett—are the leading candidates for the Federal Reserve position. Interestingly, during a discussion last Sunday night, the President expressed plausible deniability regarding the Powell subpoena, emphasizing that there is currently no grand jury or charges filed against him.
While Jay Powell has arguably caused significant damage to the Federal Reserve’s independence and economic policy in recent years, this does not equate to criminal behavior. The cost overruns associated with the Fed’s renovation are indeed troubling, but such issues are not uncommon in Washington, D.C. The priority should be to remove Powell from office as soon as possible, potentially through discussions with the Justice Department. The sooner one of the two Kevins takes over as Fed Head, the better it will be for the Trump economic boom, paving the way for substantial reforms at the central bank.
In other news, there is an intriguing development regarding the trade deal with Taiwan, which has reportedly been finalized. Commerce Secretary Howard Lutnick announced that this deal could generate $500 billion in new factory production in the U.S., with funding split evenly between the Taiwanese government and private companies. This marks another victory for Trump’s trade policies, which prioritize domestic manufacturing. However, it also signifies a setback for China.
White House National Economic Council Director Kevin Hassett discusses the role of the Federal Reserve, President Donald Trump’s economic feats, and more on ‘Making Money.’
If you haven’t yet, I highly recommend reading Arthur Herman’s piece, “America is the Sole Super Power again,” featured on the WSJ Editorial page. The subheading reads, “China could’ve been a contender, but Trump has led the U.S. to a new unipolar moment.”
Mr. Herman will be joining us shortly, and he makes a compelling argument that Trump’s economic and military strategies are reshaping the global landscape and establishing a new world order. From bombing Iran’s nuclear sites to achieving a ceasefire in Gaza, arresting Maduro in Venezuela, and achieving 5% economic growth with nearly 14 million barrels of oil produced daily, Trump’s policies are making a significant impact.
Furthermore, advancements in chips, artificial intelligence, quantum computing, and other technologies are propelling the U.S. ahead in the superpower race. While China has made strides, the U.S. is pulling away, and it’s clear that Trump is indeed making America great again.
