Trump Raises Heat On The Fed, Says Tariffs Are Reviving Michigan's Auto Industry

Benzinga_recent_news01-14 04:16

President Donald Trump used a Michigan stage Tuesday to escalate pressure on the Federal Reserve while pitching tariffs as the engine behind a revival in auto jobs and factory investment. Speaking at ...

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remarks add to mounting political pressure on the Fed as markets continue to debate the timing and pace of potential rate cuts in 2026.\nWhile Trump did not name Fed officials directly, his remarks underscored a push for a central bank leadership more aligned with his pro-growth priorities, as speculation intensifies over who could succeed Fed Chair Jerome Powell when his term expires in May.\nThe comments also added fresh fuel to concerns over political interference in monetary policy, coming just days after the Department of Justice opened a criminal probe into Powell over the central bank’s building renovation costs.\nAlongside his Fed critique, Trump repeatedly credited tariffs for reshaping trade dynamics and reviving domestic production. He claimed the U.S. trade deficit has narrowed sharply, attributing much of the improvement to tariff revenue and changes in global trade behavior following his election. \n\"One of the biggest reasons for this unbelievable success has been our historic use of tariffs,\" Trump said, highlighting they have slashed the U.S. trade deficit and redirected global capital back into American factories.\nTrump rejected arguments that tariffs burden U.S. consumers, insisting instead that foreign governments and intermediaries absorb the costs.\n\"Evidence shows overwhelmingly that the tariffs are not paid by American consumers,\" Trump said.\nMichigan, he said, has been a direct beneficiary. Trump reiterated his pledge of a 25% tariff on foreign-made automobiles, framing the measure as direct protection for U.S. auto workers in Michigan. \n\"Tariffs are making money for Michigan,\" he said. \n\"An anti-tariff person is a pro-Chinese person,\" Trump added.\nFord Motor Company (NYSE:F) he said, has returned to round-the-clock production at its Michigan complex and announced billions of dollars in new investment across Midwestern plants.\nHe also highlighted General Motors Co. (NYSE:GM) plans to shift production of the Chevrolet Blazer and Equinox from Mexico back to the United States, describing the move as evidence that tariffs are reshaping corporate behavior.\nAccording to Trump, U.S. auto factories have attracted more than $70 billion in new investment since his return to office, reversing years of offshoring and factory closures that disproportionately hit Michigan and the broader industrial Midwest.\n\"If they want to come in and build plants here and hire American workers, that's great,\" Trump said. \"That's exactly what these tariffs are designed to do.\"\nSpeaking on the Supreme Court of the United States's highly anticipated ruling on a legal challenge to his administration's use of tariffs, Trump said the case is being driven by what he described as \"foreign-centric\" and \"China-centric\" interests.\n\"An anti-tariff person is a pro-Chinese person,\" Trump said.\nTrump argued the case is critical to U.S. economic and national security, adding that even if the Court rules against him, his administration would find alternative ways to maintain tariff authority.\nImage: Shutterstock","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2603370786","isCrawlerRequest":true}