Contrary to Trump's assertion that Powell would leave if asked, Powell, a former private equity investor with enough independent wealth to fund his own legal challenge, has said he has no plans to vacate the job before his term ends in May of next year.

Trump’s call for Powell’s ousting comes after the markets tumbled in response to his comments yesterday that tariffs could spur price hikes and further weaken the economy. Trump’s post also came shortly after the European Central Bank lowered rates by a quarter point this morning,

President Donald Trump‘s administration has hiked tariffs on Chinese imports to the U.S. by up to 245%, as per a fact sheet released by the White House on Apr. 15. Trump signed an executive order launching an investigation into the national security risks posed by American reliance on imported critical minerals and their derivatives.

Donald Trump has placed high tariffs on Chinese goods. This is in response to China's control over minerals. These minerals are important for many industries. The US relies on China for these resources.