It all started on April 7th, when Trump called Fed Chair Jerome Powell “slow moving,” a subtle but pointed jab at the head of the central bank. Just a week later, April 14th, hedge fund executive Scott Bessent revealed that the Trump camp was already considering a potential successor to Powell—a clear escalation.

Things intensified on April 17th, when Trump outright stated that Powell “will be out of there,” sending tremors through the financial world. The president followed this up on April 19th, saying he was "studying" whether he could legally fire the Fed Chair.

By April 21st, the rhetoric hit a peak: Powell was now “a major loser” in Trump’s eyes.

And then, the twist: Today, Trump reversed course, saying he has “no intention” of firing Powell.

China Rhetoric Cools Off

Parallel to these flip-flops on Powell, Trump’s tone on China has shifted dramatically. After months of chest-thumping over punitive tariffs and protectionist trade policy, he’s now suggesting tariffs on Chinese goods could come down from a supposed 145%.

That’s a sharp reversal—and not just in tone. It may be a signal of a broader strategic recalibration.

Reading Between the Lines

Trump's seesaw messaging suggests a familiar strategy: use aggressive rhetoric as leverage, then pull back once the desired concessions or conditions are in play. It’s classic Trump—create chaos, dominate headlines, then pivot once pressure yields results.

But it’s also possible something more practical is happening: markets don’t like uncertainty, and Trump may be testing the waters for a second-term economic narrative that doesn’t involve open war with either the Fed or China.