Donald Trump is showing why independent central banks are a good idea. The president’s double tirade against Federal Reserve Chairman Jerome Powell on Thursday conjured another dark cloud over financial markets and an economy repeatedly traumatized by his tariff and trade-war chaos.

Trump's comments further pointed to a diminished appetite for sharply higher across-the-board tariffs on dozens of countries after markets reacted violently to their introduction on April 2.

President Trump claimed progress on multiple fronts in developing trade talks on Thursday as his tariff policy disrupts global trade relationships and increasingly hones in on China. Trump was optimistic about negotiations with China,

Trump tariffs in 2016 sent a glut of cheap Chinese imports, originally intended for the US, into South East Asia, hurting many local manufacturers. But they also opened new doors for other businesses, often into global supply chains that wanted to cut their dependence on China.

Trump's claim of $2 billion daily tariff revenue is contradicted by US Customs and Treasury data, which show much lower amounts collected.