US President Donald Trump said he is not seeking a third presidential term and confirmed he would not dismiss Federal Reserve Chairman Jerome Powell before his term concludes, according to an interview with NBC News broadcast on Sunday.
Trump also discussed US relations with China, Iran, and the conflict in Ukraine during the wide-ranging interview.
Addressing his own political future, Trump, who has previously suggested he might seek a third term, stated: “It’s something I don’t seek to do and I’m not allowed to.” He pointed to the 22nd Amendment of the US Constitution, which limits presidents to two terms, and identified Vice President J.D. Vance and Secretary of State Marco Rubio as potential successors.
Regarding the Federal Reserve, Trump affirmed Powell would remain in his post until the end of his term in 2026. When asked directly if he would dismiss Powell before his term ends next year, Trump replied emphatically: “No, no, no… Why would I do that? I’ll be able to replace him after a short period.”
Trump commented on his relationship with the Fed chair, saying, “He’s not a fan of mine, but I expect the Federal Reserve will lower interest rates at some point.” In the interview, recorded on Friday in Florida, he added: “He should lower them. He will do it at some point. He prefers not to do it because he’s not a fan of mine. You know, he simply doesn’t like me because I think he’s very stiff.”
Trump’s remarks represent his clearest indication to date that he intends for Powell to complete his term. This could offer some reassurance to financial markets concerned about central bank independence, particularly after sharp stock declines on Wall Street last month followed intensified criticism of Powell by Trump. Markets had reacted negatively to concerns about the Fed’s autonomy following the president’s comments, after which Trump appeared to moderate his stance.
On foreign policy, Trump expressed doubt about the prospects for peace between Russia and Ukraine, a shift from previous assertions of his ability to broker an agreement. “Peace between Russia and Ukraine may not be achieved. Putin and Zelenskyy intensely dislike each other,” Trump said. This marked his first public suggestion that US-supported negotiations, which he has advocated for, might fail.
Concerning Iran, Trump said his objective is the complete dismantlement of Tehran’s nuclear programme. He noted, however, that he is “ready to discuss the possibility of allowing Iran to have nuclear energy while ending its nuclear weapons programme.”
Discussing US-China relations, Trump acknowledged taking a “tough stance” that had significantly reduced trade between the world’s two largest economies, but said Beijing is now seeking an agreement. “Beijing now wants to make a deal,” he asserted. “We won’t lose a trillion dollars (…) because we are not currently doing business with them. They want to make a deal… they want it badly. We’ll see how things go, but it has to be a fair deal.”
His administration imposed 10% tariffs on imports from most countries on April 2nd, along with higher tariffs on several trading partners, before suspending them for 90 days. Tariffs of 25% were also applied to automobiles, steel, and aluminium, as well as specific 25% tariffs on Canadian and Mexican goods, and 145% on Chinese goods. Negotiations on trade deals are underway with over 15 countries, potentially allowing them to avoid the higher tariffs.
This comes amid reports suggesting a potential easing of tensions. The Wall Street Journal reported on Friday, citing informed sources, that Beijing is considering how to address US concerns over China’s alleged role in the fentanyl trade. The sources suggested this could open dialogue and that Beijing wishes to “soften” Trump’s position in the ongoing trade dispute. The trade conflict has seen both nations impose significant barriers, impacting China’s economy, which faces existing challenges from a real estate crisis, deflationary pressures, and low confidence.
Trump also addressed the situation surrounding the social media app TikTok, expressing hope for finalising a deal for its US operations and suggesting a deadline extension might be possible if required. The US government passed a law last year requiring TikTok’s Chinese parent company, ByteDance, to sell the app’s US operations due to national security concerns, or face a ban. Trump had previously signed an executive order granting a 75-day extension beyond an initial April 5th deadline. TikTok, used by about half of Americans, briefly ceased US operations in January after a Supreme Court decision upheld a ban, but resumed service shortly after Trump took office. The number of potential bidders for the platform is reportedly increasing as the divestment deadline nears.
Additionally, Trump touched on past discussions about annexing Greenland and Canada. While hinting military force could be considered, he described it as “inappropriate.” He stated: “I would like to annex Canada to become the 51st state, but it is inappropriate to annex it by military force.”
