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China reported strong trade numbers for 2025 on Wednesday, as its surplus rose year-on-year to a record $1.2 trillion despite a slump in exports to the United States after President Donald Trump hiked tariffs.Last year’s bruising trade war between Washington and Beijing — which at one point saw reciprocal tariffs in the triple digits — led to a 20 percent plunge year-on-year in China’s exports to the United States, with imports falling 14.6 percent.But other trade partners more than filled the gap, increasing Chinese exports overall by 5.5 percent in 2025, while imports stayed flat in dollar terms.Shipments to the ASEAN group of Southeast Asian nations rose 13.4 percent year-on-year, while exports to Africa saw 25.8 percent growth.Exports to the European Union were also up 8.4 percent, but imports from the bloc dipped.Roiling trade tensions between the EU and China showed signs of easing on Monday when Brussels said Chinese electric vehicle makers could offer price undertakings — which set minimum prices for exporters — which would replace tariffs.Beijing welcomed the move.– ‘Continued resilience’ –China’s trade in 2025 “surpassed 45 trillion yuan ($6.4 trillion) for the first time, setting a new historical high,” vice customs minister Wang Jun told a press conference in Beijing on Wednesday.”It should be noted that some countries politicise economic and trade issues, restricting high-tech product exports to China under various pretexts,” Wang said, in an apparent reference to the US tariffs and export controls.”Otherwise, we would have imported even more.”December’s figures showed strong growth, with exports up 6.6 percent and imports jumping 5.7 percent year-on-year.”We expect this resilience to continue through 2026,” said Zichun Huang, China economist at Capital Economics, in a note.”One risk to the export outlook is that the trade truce with the US doesn’t last. Trump’s threat to impose a 25 percent tariff on countries doing business with Iran underscores the potential for renewed trade tensions,” Huang said.The White House has jousted with Beijing over Trump’s sweeping tariffs but reached a broad truce with China after a major escalation in the spring.”(China’s) strong export growth helps to mitigate the weak domestic demand,” according to Zhiwei Zhang at Pinpoint Asset Management.”Combined with the booming stock market and stable US-China relations, the government is likely to keep the macro policy stance unchanged at least in the first quarter,” he said.Going forward in 2026, China’s market will “open more” and “still be an opportunity for the world” Wang Jun said Wednesday.

The US Commerce Department on Tuesday opened the door for Nvidia to sell advanced artificial intelligence chips in China with restrictions, following through on a policy shift announced last month by President Donald Trump.The change would permit Nvidia to sell its powerful H200 chip to Chinese buyers if certain conditions are met — including proof of “sufficient” US supply — while sales of its most advanced processors would still be blocked.However, uncertainty has grown over how much demand there will be from Chinese companies, as Beijing has reportedly been encouraging tech companies to use homegrown chips.Chinese officials have informed some firms they would only approve buying H200 chips under special circumstances, such as development labs or university research, news website The Information reported Tuesday, citing people with knowledge of the situation.The Information had previously reported that Chinese officials were calling on companies there to pause H200 purchases while they deliberated requiring them to buy a certain ratio of AI chips made by Nvidia rivals in China.In its official update on Tuesday, the US Commerce Department’s Bureau of Industry and Security said it had changed the licensing review policy for H200 and similar chips from a presumption of denial to handling applications case-by-case.Trump announced in December an agreement with Chinese President Xi Jinping to allow Nvidia to export its H200 chips to China, with the US government getting a 25-percent cut of sales.The move marked a significant shift in US export policy for advanced AI chips, which Joe Biden’s administration had heavily restricted over national security concerns about Chinese military applications.Democrats in Congress have criticized the move as a huge mistake that will help China’s military and economy.- Chinese chips -Nvidia chief executive Jensen Huang has advocated for the company to be allowed to sell some of its more advanced chips in China, arguing the importance of AI systems around the world being built on US technology.The chips — graphic processing units or GPUs — are used to train the AI models that are the bedrock of the generative AI revolution launched with the release of ChatGPT in 2022.The GPU sector is dominated by Nvidia, now the world’s most valuable company thanks to frenzied global demand and optimism for AI.H200s are roughly 18 months behind the US company’s most state-of-the-art offerings, which will still be off-limits to China.Nvidia’s Huang has repeatedly warned that China is just “nanoseconds behind” the United States as it accelerates the development of domestically produced advanced chips.On Wednesday, leading Chinese AI startup Zhipu said it had used homegrown Huawei chips to train its new image generator.Zhipu AI described its tool as “the first state-of-the-art multimodal model to complete the entire training process on a domestically produced chip”.The startup went public in Hong Kong last week and its shares have since soared 75 percent — one of several dazzling recent initial public offerings by Chinese chip and generative AI companies, as high hopes for the sector outweigh concerns of a potential market crash.

Asian markets were mixed Wednesday, with Japan election speculation pushing Tokyo shares to a record high, while oil steadied after a surge fuelled by instability in Iran.It came after Wall Street stocks retreated from records as markets weighed muted US inflation data, mixed bank earnings and the jump in oil prices.Tokyo was up 1.6 percent, adding to Tuesday’s gains driven by expectations that Prime Minister Sanae Takaichi will soon call a snap election, while the yen slumped to its lowest value since July 2024.Approval ratings for Takaichi’s cabinet are around 70 percent, but her ruling bloc only has a slim majority in parliament’s lower house, hindering its ability to push through her ambitious policy agenda.Taipei, Wellington and Jakarta each posted gains of less than one percent, but Sydney, Seoul, Mumbai, Singapore and Malaysia were down.Shanghai rose one percent and Hong Kong was up 0.7 percent after China said that trade last year reached a “new historical high”.The price of oil stabilised after an overnight surge as US President Donald Trump announced steep tariffs on anyone trading with Iran, sparking expectations that the threat will restrict supplies of crude.Iran makes up three percent of global oil production, analyst Michael Wan of financial group MUFG noted earlier.Gold rose after Trump warned of unspecified “very strong action” if Iranian authorities go ahead with threatened hangings of some protesters.International outrage has built over the crackdown that a rights group said has likely killed thousands during protests posing one of the biggest challenges yet to Iran’s clerical leadership.- Fed cuts -In the United States, the consumer price index rose 2.7 percent last month, the same rate as in November and in line with expectations.While the inflation report keeps alive the prospect of interest rate cuts by the Federal Reserve in 2026, US equities tripped into negative territory as Tuesday’s session progressed.”Overall, we still think that the Fed will cut rates more and faster than what is priced by markets right now, and on top of contained inflation pressures a softer labour market through 2026 will also be key for our view,” said MUFG’s Wan.”Continued attacks on Fed independence and Trump’s proclivity to push for lower rates is another key reason behind our view and we forecast US Fed funds rates to fall below three percent” by the third quarter of 2026, he wrote.Traders will also be keeping an eye on a possible US Supreme Court ruling on Wednesday on the legality of Trump’s sweeping tariffs.A ruling against the government would prove a temporary setback to its economic and fiscal plans, although officials have noted that tariffs can be reimposed by other means.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 1.6 percent at 54,388.37Hong Kong – Hang Seng Index: UP 0.4 percent at 26,945.27Shanghai – Composite: UP 0.9 at 4,174.29Euro/dollar: DOWN at $1.1639 from $1.1643 on TuesdayPound/dollar: UP at $1.3430 from $1.3426Dollar/yen: UP at 159.28 yen from 159.15 yenEuro/pound: DOWN at 86.66 pence from 86.71 penceWest Texas Intermediate: DOWN 0.2 percent at $61.02 per barrelBrent North Sea Crude: DOWN 0.2 percent at $65.37 per barrelNew York – Dow: DOWN 0.8 percent at 49,191.99 (close)London – FTSE 100: FLAT at 10,137.35 (close)

Wall Street stocks retreated from records on Tuesday as markets weighed muted US inflation data, mixed bank earnings and a jump in oil prices.The US consumer price index rose 2.7 percent last month, the same rate as in November and in line with expectations.While the inflation report keeps alive the prospect of interest rate cuts by the Federal Reserve in 2026, US equities tripped into negative territory as Tuesday’s session progressed.All three major indices finished in the red, led by the Dow, which was weighed down by a more than four percent drop in JPMorgan Chase shares.Both the Dow and S&P 500 had finished at records on Monday.Chief Executive Jamie Dimon described the US economy as “resilient” but investment banking results lagged behind expectations and some analysts questioned the lender’s heavy capital spending plans.Shares of other banks and credit card companies have also been pressured by President Donald Trump’s call last week to cap credit card interest at 10 percent — one of several recent Trump statements that have caught markets off guard.”Trump said a lot of stuff” and the market is quite lost where to look at, said Pat Donlon of Fiduciary Trust Company.”It’s like around Liberation Day,” Donlon said, recalling Trump’s April 2025 announcement of sweeping tariffs that sparked market volatility. “We get these wild swings and are back living on Truth Social posts.”The price of oil surged around three percent as Trump announced steep tariffs on anyone trading with Iran, sparking expectations that the threat will restrict supplies of crude.”Supply concerns remained front and center after President Trump announced new tariffs on US imports from any countries trading with Iran, raising fears of further disruptions from one of OPEC’s largest producers,” said David Morrison, senior market analyst at Trade Nation, a financial services provider.”Iran’s domestic unrest, alongside escalating rhetoric around potential military action, added to the geopolitical premium,” he said.European stock markets finished the day little changed.Earlier Tuesday, Tokyo equities closed at a record high and the yen fell on speculation over a snap election in Japan which would allow Prime Minister Sanae Takaichi to capitalize on strong poll numbers.Takaichi was appointed Japan’s first woman prime minister in October and her cabinet enjoys an approval rating of around 70 percent.Seoul climbed 1.5 percent after South Korean chip giant SK hynix said it would spend 19 trillion won ($12.9 billion) building an advanced chip packaging plant, as the firm rides the global AI boom.- Key figures at around 2130 GMT -Brent North Sea Crude: UP 2.5 percent at $65.47 per barrelWest Texas Intermediate: UP 2.8 percent at $61.15 per barrelNew York – Dow: DOWN 0.5 percent at 49,191.99 (close)New York – S&P 500: DOWN 0.2 percent at 6,963.74 (close)New York – Nasdaq Composite: DOWN 0.1 percent at 23,709.87 (close)London – FTSE 100: FLAT at 10,137.35 (close)Paris – CAC 40: DOWN 0.1 percent at 8,347.20 (close)Frankfurt – DAX: UP 0.1 percent at 25,420.66 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 26,848.47 (close)Shanghai – Composite: DOWN 0.6 percent at 4,138.76 (close)Tokyo – Nikkei 225: UP 3.1 percent at 53,549.16 (close)Euro/dollar: DOWN at $1.1643 from $1.1667 on MondayPound/dollar: DOWN at $1.3426 from $1.3465Dollar/yen: UP at 159.15 yen from 158.14 yenEuro/pound: UP at 86.71  pence from 86.64 penceburs-jmb/iv

The price of oil surged around three percent on Tuesday as US President Donald Trump announced steep tariffs on anyone trading with Iran, sparking expectations the threat will restrict supplies of crude.”Supply concerns remained front and centre after President Trump announced new tariffs on US imports from any countries trading with Iran, raising fears of further disruptions from one of OPEC’s largest producers,” said David Morrison, senior market analyst at Trade Nation, a financial services provider.”Iran’s domestic unrest, alongside escalating rhetoric around potential military action, added to the geopolitical premium,” he said.Trump said in a social media post on Monday that the new levies would “immediately” hit the Islamic republic’s trading partners who also do business with the United States.The move “is likely to hit its biggest trading partners like China”, said Victoria Scholar, head of investment at Interactive Investor.New York stocks moved lower, coming off Monday’s record levels, despite a US consumer price reading that suggested inflation is easing.Annual consumer price inflation held steady at 2.7 percent last month, which analysts believe is not enough to prompt the Federal Reserve bank into an early rate easing.”We’re beginning to see inflation retreat,” said Bret Kenwell, US investment analyst at the eToro trading platform.”December’s in-line CPI report may not be enough to move the Fed’s view toward a more aggressive rate-cutting policy. But as a cooling jobs environment persists, inflation may not be as much of a constraint when it comes to interest rate policy,” he said.Investors meanwhile mostly shrugged off worries about a US criminal probe of the Federal Reserve that comes amid heavy Trump pressure on Fed chair Jerome Powell to cut rates aggressively.The heads of major central banks threw their support behind the Fed and Powell on Tuesday, saying in a joint statement that it was “critical to preserve” their independence.European stock markets finished the day little changed.Earlier Tuesday, Tokyo equities closed at a record high and the yen fell on speculation over a snap election in Japan which would allow Prime Minister Sanae Takaichi to capitalise on strong poll numbers.Takaichi was appointed Japan’s first woman prime minister in October and her cabinet enjoys an approval rating of around 70 percent.Seoul climbed 1.5 percent after South Korean chip giant SK hynix said it would spend 19 trillion won ($12.9 billion) building an advanced chip packaging plant, as the firm rides the global AI boom.Gold and silver set record highs for the second day in a row as investors sought refuge from geopolitical uncertainty.- Key figures at around 1630 GMT -Brent North Sea Crude: UP 2.9 percent at $65.75 per barrelWest Texas Intermediate: UP 3.1 percent at $61.32 per barrelNew York – Dow: DOWN 0.6 percent at 49,278.03 pointsNew York – S&P 500: DOWN 0.3 percent at 6,958.63New York – Nasdaq Composite: DOWN 0.2 percent at 23,690.92London – FTSE 100: FLAT at 10,137.35 (close)Paris – CAC 40: DOWN 0.1 percent at 8,347.20 (close)Frankfurt – DAX: UP less than 0.1 percent at 25,420.66 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 26,848.47 (close)Shanghai – Composite: DOWN 0.6 percent at 4,138.76 (close)Tokyo – Nikkei 225: UP 3.1 percent at 53,549.16 (close)Euro/dollar: DOWN at $1.1639 from $1.1666 on MondayPound/dollar: DOWN at $1.3430 from $1.3466Dollar/yen: UP at 159.17 yen from 158.17 yenEuro/pound: UP at 86.67 pence from 86.63 penceburs-rl/jh

The price of oil rose on Tuesday after US President Donald Trump announced steep tariffs on anyone trading with Iran, sparking expectations the threat will restrict supplies of crude.”Supply concerns remained front and centre after President Trump announced new tariffs on US imports from any countries trading with Iran, raising fears of further disruptions from one of OPEC’s largest producers,” said David Morrison, senior market analyst at Trade Nation, a financial services provider.”Iran’s domestic unrest, alongside escalating rhetoric around potential military action, added to the geopolitical premium,” he said.Trump said in a social media post on Monday that the new levies would “immediately” hit the Islamic republic’s trading partners who also do business with the United States.The move “is likely to hit its biggest trading partners like China”, said Victoria Scholar, head of investment at Interactive Investor.European stock markets were mixed following a US consumer price reading that suggested inflation is easing — although not by enough to prompt the Federal Reserve bank into an early rate easing.”We’re beginning to see inflation retreat,” said Bret Kenwell, US investment analyst at the eToro trading platform.”December’s in-line CPI report may not be enough to move the Fed’s view toward a more aggressive rate-cutting policy. But as a cooling jobs environment persists, inflation may not be as much of a constraint when it comes to interest rate policy,” he said.New York stocks started the day in mildly negative territory, just shy of Monday’s record levels.Investors meanwhile mostly shrugged off worries about a US criminal probe of the Federal Reserve that comes amid heavy Trump pressure on Fed chair Jerome Powell to cut rates aggressively.The heads of major central banks threw their support behind the Fed and Powell on Tuesday, saying in a joint statement that it was “critical to preserve” their independence.Earlier Tuesday, Tokyo equities closed at a record high and the yen fell on speculation over a snap election in Japan which would allow Prime Minister Sanae Takaichi to capitalise on strong poll numbers.Takaichi was appointed Japan’s first woman prime minister in October and her cabinet enjoys an approval rating of around 70 percent.Seoul climbed 1.5 percent after South Korean chip giant SK hynix said it would spend 19 trillion won ($12.9 billion) building an advanced chip packaging plant, as the firm rides the global AI boom.- Key figures at around 1440 GMT -Brent North Sea Crude: UP 1.3 percent at $64.73 per barrelWest Texas Intermediate: UP 1.3 percent at $60.28 per barrelNew York – Dow: DOWN 0.2 percent at 49,503.60 pointsLondon – FTSE 100: DOWN 0.1 percent at 10,132.19Paris – CAC 40: DOWN 0.1 percent at 8,350.44Frankfurt – DAX: UP 0.3 percent at 25,482.08Hong Kong – Hang Seng Index: UP 0.9 percent at 26,848.47 (close)Shanghai – Composite: DOWN 0.6 percent at 4,138.76 (close)Tokyo – Nikkei 225: UP 3.1 percent at 53,549.16 (close)Euro/dollar: UP at $1.1668 from $1.1666 on MondayPound/dollar: UP at $1.3471 from $1.3466Dollar/yen: UP at 158.89 yen from 158.17 yenEuro/pound: DOWN at 86.61 pence from 86.63 pence

David Webb, a Hong Kong activist investor who campaigned for market transparency and democratic accountability, died on Tuesday aged 60, according to a statement posted on his social media.”It is with great sadness that we share that David M. Webb MBE passed away peacefully in Hong Kong on Tuesday January 13th, 2026 from metastatic prostate cancer,” the statement read.”David will be missed by family, many friends, and supporters. The family request privacy at this difficult time.”Webb was championed by retail investors, who saw him as a rare outlier in a corporate world known for vested interests and opacity — and a headache for regulators whose failings he laid bare.His online database, Webb-site, was an invaluable resource for regulators, investors, journalists and lawyers for decades until its shutdown late last year.Webb told AFP in 2024 that his ethos could be summed up in one word: “fairness”.”Fair treatment, which comes with giving people all the information that is relevant and giving them the power to make decisions,” he said.”And choice, whether it’s in economics or in finance or in politics.”Webb revealed his cancer diagnosis in 2020.He was awarded a Member of the Order of the British Empire (MBE) last year for his decades-long contributions to Hong Kong.- ‘Did my best’ -Born in Britain, Webb moved to Hong Kong from London in 1991 and retired from investment banking seven years later.”Having already made enough money to be financially secure, I was more interested in leaving some mark on the system than just dying rich,” Webb told AFP.His wide-ranging causes included corporate transparency and tax reform.He founded his non-profit website in 1998, which tracked the ins and outs of the financial sector and gave him a platform.His greatest triumph was his 2017 expose of the “Enigma Network”, involving cross-shareholdings in 50 listed companies, which had eluded regulators.The ensuing crash wiped out $6 billion in market value.Webb was a longtime member of Hong Kong’s Takeovers and Mergers Panel and at one time served as an independent director of the city’s stock exchange operator.He told AFP he often ran up against vested interests but “I don’t think I’m at war with anybody”.Webb, who became a Hong Kong permanent resident, believed that the former British colony’s success was its “differentiation” from mainland China.He addressed pro-democracy demonstrators during the city’s 2014 Umbrella Movement, speaking in favour of a “free market in leadership”.The activist investor also criticised Hong Kong authorities during the city’s huge and sometimes violent pro-democracy protests in 2019.In one of his last public appearances, Webb warned in May 2025 that the rise of authoritarianism in Hong Kong had threatened its core economic model.Looking back at his career, he told reporters he was “certain” he would stay in Hong Kong.”I wanted to make a contribution… I will die confident that I did my best.”

European and Asian stock markets diverged Tuesday as investors awaited key US inflation data while concerns about Iran lifted oil prices.Tokyo closed at a record high and the yen fell on speculation over a snap election in Japan.Paris and Frankfurt were in the red nearing the half-way mark, while London was flat. Wall Street finished at another record high Monday, as investors shrugged off worries about a US criminal probe of the Federal Reserve central bank.The heads of major central banks have thrown their support behind the US Fed and its chairman Jerome Powell, saying in a joint statement Tuesday that it was “critical to preserve” their independence.On Sunday, Powell took aim at escalating pressure from President Donald Trump’s administration to lower interest rates.Investors were treading water ahead of the release of US inflation data later in the day.”This is by far the most important metric for the Fed,” said Kathleen Brooks, research director at XTB trading group. “Today’s data is expected to reset inflation expectations and be a clear indicator of what the Fed should do this year and how many rate cuts to expect,” she added.In Asia, Tokyo’s Nikkei closed up 3.1 percent, driven by anticipation that Prime Minister Sanae Takaichi will capitalise on strong poll numbers by calling an election.Takaichi was appointed Japan’s first woman prime minister in October and her cabinet is enjoying an approval rating of around 70 percent.But her ruling bloc has only a slim majority in parliament’s powerful lower house, hindering her ambitious policy agenda.Hong Kong also gained, while Shanghai closed lower. Seoul climbed 1.5 percent after South Korean chip giant SK hynix said it would spend 19 trillion won ($12.9 billion) building an advanced chip packaging plant, as the firm rides the global AI boom.Oil prices rose after US President Donald Trump announced a 25-percent tariff on any country trading with Iran, ramping up pressure on Tehran and its friends over its violent crackdown on a wave of protests.Trump said in a social media post on Monday that the new levies would “immediately” hit the Islamic republic’s trading partners who also do business with the United States.The move “is likely to hit its biggest trading partners like China”, said Victoria Scholar, head of investment at Interactive Investor.In other company news, shares in Danish renewable energy firm Orsted climbed five percent after a US judge cleared the way for its offshore wind project to resume work in New England, nullifying a Trump administration order pausing the project.- Key figures at around 1100 GMT -London – FTSE 100: FLAT at 10,144.11 pointsParis – CAC 40: DOWN 0.5 percent at 8,316.16Frankfurt – DAX: DOWN 0.1 percent at 25,368.69Hong Kong – Hang Seng Index: UP 0.9 percent at 26,848.47 (close)Shanghai – Composite: DOWN 0.6 percent at 4,138.76 (close)Tokyo – Nikkei 225: UP 3.1 percent at 53,549.16 (close)New York – Dow: UP 0.2 percent at 49,590.20 (close)Euro/dollar: UP at $1.1667 from $1.1666 on MondayPound/dollar: UP at $1.3471 from $1.3466Dollar/yen: UP at 158.89 yen from 158.17 yenEuro/pound: DOWN at 86.62 pence from 86.63 penceBrent North Sea Crude: UP 1.2 percent at $64.65 per barrelWest Texas Intermediate: UP 1.3 percent at $60.28 per barrel

Swedish automaker Volvo Cars said Tuesday that it was pausing operations at a battery factory under construction, dismissing all 75 workers there, after failing to find a partner for the business.Volvo Cars, majority-owned by the Chinese conglomerate Geely, last year took full control of NOVO Energy, a subsidiary it had previously shared with Northvolt, a battery maker that went bankrupt in March.Northvolt’s failure, one of the biggest in Swedish corporate history, highlights the difficulties for EU battery producers facing by high costs and Chinese competition.Last month, the EU Commission said it would provide 1.5 billion euros ($1.76 billion) to support the bloc’s battery producers through interest-free loans.NOVO Energy, founded in 2021, was to build a mega battery factory supplying Volvo Cars and Geely-owned Polestar.But the business requires an external technology partner, which Volvo said it had failed to find after a search it started last year.”Until a new technology partner is secured, NOVO Energy can no longer proceed with its operations as previously planned,” Volvo Cars said. “As a result, NOVO Energy AB today announces layoffs that affect all positions in the company.”Volvo Cars said it maintained its “long-term ambition to produce batteries for its electric cars in the Gothenburg, Sweden, area”.But it said it was not possible to say when battery production could start, “or in what organisational structure this might happen”.

The heads of major central banks have thrown their support behind the US Federal Reserve and its chairman Jerome Powell, saying in a joint statement Tuesday that it was “critical to preserve” their independence. US prosecutors have issued subpoenas against Powell threatening a criminal indictment, an unprecedented move widely seen as an escalation of President Donald Trump’s campaign against the central bank.The inquiry prompted a rare public rebuke by Powell on Sunday, who vowed to continue setting monetary policy “without political fear or favor”.”We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell,” said the statement signed by chiefs of the European Central Bank, the Bank of England and others.”The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve,” it added. “Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest.”The statement was also signed by the central bank chiefs of Australia, Brazil, Canada, Denmark, South Korea, Sweden and Switzerland, as well as the chairman of the Bank for International Settlements. The US inquiry concerns a $2.5 billion renovation of the Fed headquarters in Washington, which Trump has repeatedly attacked Powell of mismanaging. Last year, Trump floated the possibility of firing Powell over cost overruns for the historic buildings’ facelift.He has also slammed Powell as a “numbskull” and “moron” for the Fed’s policy decisions and not cutting borrowing costs more sharply.In his video statement Sunday, Powell dismissed the renovation and testimony as “pretexts”.”The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president,” he said.