Federal Reserve Rings Every Alarm Bell About Trump’s Economy

Jerome Powell has once again said what everyone except Trump seems to already know: Lowering inflation while enacting staggering tariffs is virtually impossible.

“If the large increases in tariffs that have been announced are sustained, they’re likely to generate a rise in inflation, a slowdown in economic growth, and an increase in unemployment,” the Federal Reserve chair said on Wednesday. “The effects on inflation could be short-lived, reflecting a one-time shift in the price level. It is also possible that the inflationary effects could instead be more persistent. Avoiding that outcome will depend on the size of the tariff effects, on how long it takes for them to pass through fully into prices, and ultimately on keeping longer-term inflation expectations well-anchored.”

This is exactly what Trump doesn’t want the American public to hear. The president has repeatedly attacked Powell for his honesty, referring to him as “Mr. Too Late” and “a major loser,” and calling for his termination after Powell correctly noted that wanton tariffs cause inflation.

Though Powell didn’t name it, he was clearly referring to “stagflation: slow GDP growth, high inflation, and high unemployment. The Federal Reserve refused to cut interest rates on Wednesday, as Powell described the concerns with Trump’s economic plans.

“Donald Trump’s tariffs mean you could suffer higher prices and lose your job AT THE SAME TIME, Senator Elizabeth Warren wrote on X. “Forget dolls, families will be forced to make impossible choices between necessities like food, housing, and health care.”

Trump’s trade war loses a lot of validity when people like Powell call it what it is: a tax on top of an already high cost of living for everyday people.

Donald Trump says he doesn’t know whether he plans to deport hundreds of immigrants to Libya, amidst reports that his administration will do so as soon as Wednesday.

“Is the administration sending migrants to Libya?” Trump was asked during a press conference Wednesday afternoon.

“I don’t know,” he responded. “You’ll have to ask the Department of Homeland Security.” Whether Trump is lying or not, his answer does nothing to quell the terrifying possibility that immigrants could be sent to a country whose prisons have been called a “hellscape” and “open slave markets” by human rights organizations.

On Tuesday, U.S. officials confirmed to multiple news outlets that the government was planning to send undocumented immigrants to Libya in what would be a cruel and unlawful escalation of the president’s deportation efforts. In March, Trump unlawfully deported 200 Venezuelan immigrants, the majority of whom had no criminal record, to El Salvador, where they are now being held in CECOT, a mega-prison notorious for human rights abuses.

More than a decade after Libya’s authoritarian state was toppled, the political situation in the country remains incredibly unstable. It’s been plagued by conflict for years, and the State Department advises Americans not to travel there amidst the risk “crime, terrorism, unexploded land mines, civil unrest, kidnapping and armed conflict.” It’s a stunning display of irony given the government may literally send people there against their will.

Libyan officials have denied the country is communicating with the United States, Reuters reported.

The president is reportedly eyeing Africa as a whole as his next target for deportations, which will likely face a flurry of legal challenges. Rwanda has already accepted at least one deportee from the United States, while several other African countries including Benin, Angola, Equatorial Guinea, and Eswatini have been mentioned in various media reports.

President Donald Trump is planning to send a planeful of deportees to Libya—but both of Libya’s governments say they won’t take them, The Washington Post reported Wednesday.

Abdul Hamid Dbeibeh, the prime minister for the Government of National Unity based in Tripoli, wrote on social media that “Libya refuses to be a destination for the deportation of migrants under any pretext.”

Dbeibeh said that Libya would not be held to any agreements made by “illegitimate entities.”

The Libyan National Army, which controls the eastern half of the country from Benghazi, also released a statement rejecting the arrival of deportees from the United States, saying that accepting deportees would “violate sovereignty in the homeland.”

While the U.S. government only has foreign relations with Dbeibeh’s government, the son of Khalifa Haftar, the general turned warlord in the east, visited with Trump administration officials last month. The meetings were not about deportations, according to the State Department and a Libyan official, CNN reported.

It’s not clear that any formal deal was made to facilitate the removal of immigrants to a potentially hostile host country. Libya’s migrant detention centers are notorious for subjecting detainees to severe beatings, sexual violence, extortion, and forced labor, according to a 2021 report from Amnesty International.

Lawyers for immigrants currently held in Texas have asked a judge for an emergency order barring any potential deportations to Libya. The lawyers argued that carrying out such a flight without warning would “blatantly” violate court orders.

Previous reports said that a military plane potentially carrying hundreds of immigrants could depart for Libya as soon as Wednesday, so it’s entirely possible that wheels are already up on the latest phase of Trump’s inhumane mass deportation crusade.

Trump is selling himself–and his meme coin—to the highest bidder. And most of those top bidders appear to be foreign, according to Bloomberg.

More than 200 of the largest holders of Trump’s lucrative meme coin will be invited to attend a May 22 dinner with Trump at his golf club in Virginia. The 25 highest holders will qualify for a private reception prior to the dinner, described as a “VIP” tour. The opportunity has caused a buying frenzy, leading to the meme coin shooting up by 20 percent in value, generating even more profit for the Trump family, which has raked in more than $320 million since January.

All but six of the top 25 holders used foreign exchanges that are closed to U.S. residents. And at least 56 percent of the 220 holders used other similar offshore exchanges. This raises valid concerns about just who will have access to the president during the May 22 dinner, as the guests have only been identified by short usernames of their choosing.

The top foreign exchanges used to buy the meme coin were Binance, Bybit, and OKX—all markets that restrict U.S. users.

“The sitting president appears to be selling personal cryptocurrency while in office, granting access to people who buy it, and thereby enriching his business and his family. It’s gobsmacking,” Senator Jon Ossoff said to Politico. “I’d like to hear one Republican senator defend it. Any self-respecting Congress would demand an accounting of everyone trading this coin who has any business before the government.”

Ford is jacking up the cost of its foreign-made cars, including what’s known as America’s most affordable pickup, amid Donald Trump’s disastrous auto tariffs.

Just days after the company said it didn’t expect auto prices to increase this year, a memo sent to Ford’s dealerships revealed it would hike prices on three of its Mexican-made models, Reuters first reported. The suggested retail price is expected to increase anywhere between $600 to $2,000 per car beginning May 2 and would hit the Maverick, known as the most affordable pickup truck in the country.

“This is our usual mid-year pricing actions combined with some tariffs we are facing,” Ford spokesman Said Deep told CNN. “We have not passed on the full cost of tariffs to our customers. Our approach throughout this evolving situation continues to be doing what’s right for our customers—and our business.”

Last month, the Trump administration imposed a 25 percent tariff on imported vehicles and auto parts, a devastating blow to car manufacturers who have long freely imported cars and parts without fee.

Economists estimate this will lead to imported vehicles facing tariffs ranging from $2,000 to $15,000 per vehicle, which will ultimately raise car prices for consumers. Auto dealers are already seeing a dwindling supply of available cars to sell.

On Monday, Ford said Trump’s tariffs were likely to drop the company’s profits for the year by about $1.5 billion, but that it is “well positioned to adapt to the changes tariffs are driving” in the industry. The majority of Ford’s cars are manufactured in the U.S., so it likely won’t be hit as hard by Trump’s tariffs as other manufacturers. Still, the three models it makes in Mexico—the Ford Mustang Mach-E, the Maverick, and the Bronco Sport—are already going up in price.

The auto industry has been relatively supportive of Trump’s tariff scheme, and manufacturers have been slow to peg price increases to the president’s economic policies. But now not even Ford, the pride and joy of the American auto industry, can keep up the facade.