Photo taken on April 20, 2022 shows the U.S. Federal Reserve building in Washington, D.C., the United States. (Xinhua/Liu Jie)

 
US President Donald Trump told CNBC on Tuesday US time that he has narrowed the field of potential future Federal Reserve chairs to four candidates, a list that does not include Treasury Secretary Scott Bessent, according to a CNCB report. 

While the US president did not disclose who is in contention, he revealed that Bessent, previously considered a leading candidate, has taken himself out of contention, CNBC reported. 

Current US FED Chair Jerome Powell's term ends in May 2026. He has been a frequent target of Trump's criticism, and there has been speculation that the US president would name a "shadow chair" who could help undermine Powell until his term expires. Trump did not commit to taking that approach but conceded that it is "a possibility," according to CNBC. 

Among the likely candidates remaining are former Governor Kevin Warsh and Kevin Hassett, the National Economic Council director and a key Trump advisor. Both have advocated for lower rates. Fed Governor Christopher Waller also is thought to be in the running, per CNBC. 

Trump has been critical of Powell for not cutting interest rates, even as Fed policymakers balance evidence of both a slowing economy and a weakening job market against the fact that inflation remains well above the central bank's 2 percent target and is expected to move higher, Reuters reported on Tuesday. 

Trump on July 2 demanded Powell "resign immediately." In a post on his social platform Truth Social, Trump linked to an article about comments from Bill Pulte, head of the Federal Housing Finance Agency, who called on Congress to investigate Powell over his alleged political bias and deception of the Senate, the Xinhua News Agency reported. 

During the live TV interview on CNBC on Tuesday, Trump also said that the two largest American banks previously rejected him as a customer, reviving claims that conservative clients were being unfairly denied accounts.

In the wide-ranging interview, the US president also threatened that planned tariffs on pharmaceuticals imported into the US could eventually reach up to 250 percent and that he would unveil new tariffs on semiconductors and chips as soon as next week, according to CNBC. 

Global Times