A dollar stat Trump fans won’t like: It’s the lowest level in more than 3 years
Despite his claims about making the United States ‘great’, Trump is presiding over a sad time in US economics.
Donald Trump’s constant messaging that things are going well simply aren’t true. Whether it’s DOGE cuts relieving Americans of everyday help or stocks tumbling like a house of cards, life for everyday folk is growing tougher by the day thanks to decisions from the top.
When it comes to the stock market, the three major indexes all dipped again amid Trump’s tariff confusion that has swept across the world since his announcement to put price hikes on foreign goods on all but four countries in the world: the Dow dropped 972 points, or 2.48%; the broader S&P 500 slipped 2.36%; the tech-heavy Nasdaq Composite fell 2.55%. CNN reported that “nearly every company in the Dow and the S&P 500 closed lower”, commenting that the sell-off was “widespread”.
As for the US Dollar Index, the number that measures the dollar’s strength against six foreign currencies, dropped more than 1% to its lowest level in more than three years.
The ICE U.S. dollar index, a measure of the dollar against a basket of major currencies, is down more than 1% to its lowest level in three years pic.twitter.com/wVwGenfClq
— Gunjan Banerji (@GunjanJS) April 21, 2025
Trump tariffs “very fundamental policy changes”
Jerome Powell, Chair of the Federal Reserve of the United States, has been turned into an enemy of Trump after he failed to do what the European Central Bank did and cut its interest rates. Powell has also been outspoken as regards the potential economic disaster that Trump’s tariffs could bring to the United States, saying that the tariffs are “very fundamental policy changes” and warning that “there isn’t a modern experience of how to think about this... We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension.”
As well as labelling Powell a “major loser” online, Trump told reporters in the Oval Office that “if I want him out, he’ll be out of there real fast, believe me. I’m not happy with him.”
Kevin Hassett, Director of the National Economic Council, told reporters that the Trump administration “will continue to study” the possibility of removing Powell from his post as head of the Federal Reserve.
However, all of this has now, as is the way with this administration, fallen flat; Powell will not be fired by Trump for one good reason: he can’t. Dec Mullarkey, managing director at fund manager SLC Management explained it in the following way: “Clearly other folks have talked to [Trump] and explained that [firing Powell] would have caused huge volatility. [Treasury secretary Scott] Bessent recognises that the integrity of markets has to be maintained.”
BREAKING: Trump says he has “no intention” of firing Fed Chair Jerome Powell. He says he never had any intention. His veiled threats and bullying of the Fed Chair have sent stocks plummeting in recent days. This is not stable leadership. pic.twitter.com/3AUbF3kKLj
— Trump’s Lies (Commentary) (@MAGALieTracker) April 22, 2025
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