Trump Criticizes Powell, Eyes Tariff Hikes on India and Plans Drug and Chip Tariffs

TradingKey - On Tuesday, President Donald Trump, speaking on CNBC's "Squawk Box," renewed his criticism of Fed Chair Jerome Powell for delaying interest rate cuts. He mentioned that he has narrowed down the list of potential future Fed chair candidates to four, excluding Treasury Secretary Scott Bessent.

Trump announced plans to introduce policies on drug and semiconductor tariffs within the next week. He indicated that while the initial drug tariffs may be modest, they are expected to rise to 150% within a year to a year and a half, eventually reaching 250%. He anticipates significant impacts on drug prices, explaining, "Because we want pharmaceuticals made in our country."

Regarding tariffs on India, Trump stated his intention to significantly increase them within the next 24 hours, citing India's continued purchase of Russian oil. The current tariff rate stands at 25%.

In pre-market trading, US stock futures saw a slight increase, with Nasdaq 100 futures up 0.27%, Dow futures rising 0.1%, and S&P 500 futures climbing 0.18%.