U.S. President Donald Trump waves from the roof of the West Wing of the White House as he takes a tour on August 05, 2025 in Washington, DC. <\/p>\n
Win Mcnamee | Getty Images News | Getty Images<\/p>\n
U.S. President Donald Trump joined CNBC’s “Squawk Box<\/a>” Tuesday for a lengthy interview<\/a> that touched on tariffs<\/a>, the Federal Reserve<\/a>, the state of Russia’s economy<\/a> and being rejected as a customer<\/a> by JPMorgan Chase and Bank of America.<\/p>\n For those pressed for time and want a very broad TL;DR: Trump appears to be digging in on his policies.<\/p>\n With modified country-specific “reciprocal” tariffs<\/a> due to start Aug. 7 \u2014 and duties on India to be raised<\/a> within the next 24 hours, according to Trump’s comments during the interview \u2014 the Trump administration seems to be turning its attention to sectoral ones. Trump told CNBC that he will announce his tariff plan for semiconductors “within the next week or so.” Additionally, he will impose “a small tariff” on pharmaceutical imports before ratcheting it up to 250% within a year and a half.<\/p>\n The U.S. president doesn’t look like he’s backing down from his feud with the central bank, either. Days after the Fed chose to hold interest rates<\/a>, Trump discussed his potential candidates to replace Jerome Powell as Fed chair. Among those contenders are\u00a0former Governor Kevin Warsh and Kevin Hassett, the National Economic Council director. “Both Kevins are very good,” Trump said.<\/p>\n Whichever Kevin \u2014 or “other people that are very good, too,” in Trump’s words \u2014 assumes the role when Powell’s term ends in May 2026 (or is truncated earlier, depending on Trump’s moves), they would have to help prop up an economy that seems to be slowing, as indicated by July’s startling jobs report<\/a> and ISM Services index<\/a>.<\/p>\n What you need to know todayAnd finally…<\/p>\n (COMBO) This combination of pictures created on February 21, 2020 shows Jim Watson | Afp | Getty Images<\/p>\n Russia’s economy ‘stinks,’ Trump says, and lower oil prices will stop its war machine<\/a><\/p>\n
\nUS President Donald Trump delivers remarks at a Keep America Great rally in Phoenix, Arizona, on February 19, 2020.
\nRussian President Vladimir Putin delivers a speech during a ceremony in Jerusalem on January 23, 2020 commemorating the people of Leningrad during the Second World War Nazi siege on the city.<\/p>\n