With his obsession with imposing tariffs on all countries that don't yield to his demands, the US president demonstrates that he has little or no interest in the rules that have worked until now, nor in their enforcement. He hasn't hesitated for a second to rewrite them to his style and convenience, moving away from the canons of diplomacy and traditional political relations to achieve his goals, or at least make it seem that way.
And in this strategy of getting rid of all the data and people that contradict his narrative, he shows no fear of undermining the prestige of institutions. He did so recently by ordering the dismissal of economist Erika McEntarfer, commissioner of the Bureau of Labor Statistics (BLS), responsible for compiling unemployment statistics, after her latest report yielded poor job creation figures. The data didn't match the reality he's trying to sell.
He accused the official, appointed by former President Joe Biden, of falsifying statistics last year to try to boost former Democratic Vice President Kamala Harris in the presidential election. "We need accurate numbers," Trump said, announcing a "much more competent and qualified" replacement.
Another of his targets is the Federal Reserve, the Fed, the country's central bank, an example of independence from political power. Since the best thing for his interests would be a drop in interest rates, Trump has had Fed Chairman Jerome Powell in his sights for months. For now, he has already placed a pawn in the Federal Reserve, Stephen Miran, a defender of his policies and chairman of the White House Council of Economic Advisers, taking advantage of a vacancy on the board of governors.
But that's not enough, and since Powell's term as chairman doesn't end until next May, he has sought arguments to get rid of another asset, Lisa Cook, the only Black woman on the board of governors, one of whose main sins is that she was appointed by Biden. Cook has defended Powell's actions and his prudence regarding the price of money while inflation does not show signs of stability, which could be shattered, according to many experts, precisely because of Trump's tariff policy.
In an unprecedented move, Trump has written to Governor Cook to fire her. He invokes the powers granted to him by the Fed's founding charter to remove its members for proper cause. He accuses Cook of having applied for mortgages by submitting fraudulent information. But the governor rebelled. And a battle has begun that once again undermines the Fed's independence. The stock market isn't overly concerned, because it's more focused on the possible rate cut on September 17, but long-term debt is rising because sales are increasing due to doubts about the country's credibility. And paying more for debt could be a real problem for the US.
