We have to keep tariffs to prosper as a country
Em setembro de 2025, Donald Trump voltou a pressionar o Federal Reserve por cortes de juros e defendeu sua política tarifária como pilar da prosperidade americana — dois movimentos que, juntos, revelam uma visão de poder executivo amplo sobre a economia. A tensão entre a convicção presidencial e as instituições independentes, sejam elas o banco central ou o Judiciário, coloca em cena uma disputa mais profunda sobre quem, afinal, conduz o destino econômico de uma nação.
- Trump acusa Jerome Powell de estar 'pelo menos um ano atrasado' nos cortes de juros, argumentando que a economia americana já poderia estar em patamar ainda mais elevado.
- Com inflação baixa e bolsas em recordes, o presidente interpreta os próprios dados como prova de que o Fed age com timidez injustificada.
- As tarifas recíprocas, apresentadas como correção de injustiças comerciais históricas, agora enfrentam o teste mais duro: um julgamento no Supremo Tribunal que pode obrigar o governo a devolver trilhões de dólares.
- Trump reivindica autoridade presidencial para manter as tarifas com base em segurança nacional, mas esquiva-se de detalhar o que faria caso a Corte decida contra ele.
- Em paralelo, o presidente negocia com republicanos para evitar um shutdown e aprovar uma resolução que estenda os gastos federais até janeiro de 2026 — tema tratado quase como detalhe diante das batalhas maiores.
Numa manhã de sexta-feira em setembro, Donald Trump usou uma entrevista ao Fox & Friends para defender dois pilares de sua agenda econômica: cortes imediatos de juros pelo Federal Reserve e a manutenção das tarifas recíprocas como motor da prosperidade americana. Sobre Jerome Powell, o presidente foi direto — o chairman do Fed estava, em sua avaliação, pelo menos um ano atrasado, e a economia já seria mais forte se o banco central tivesse agido antes.
O argumento de Trump se apoiava em três pontos: inflação baixa, bolsas em recordes e tarifas que, segundo ele, corrigiram distorções históricas no comércio global. Mas era justamente nas tarifas que a confiança presidencial encontrava sua maior ameaça. O Supremo Tribunal estava prestes a julgar a legalidade dessas medidas, e Trump reconheceu as proporções do que estava em jogo — uma derrota judicial poderia forçar o governo a devolver trilhões de dólares. Ainda assim, evitou detalhar como reagiria a esse cenário, reafirmando apenas sua convicção de que as tarifas eram indispensáveis.
À margem dessas batalhas maiores, Trump mencionou brevemente as negociações com republicanos para evitar um shutdown e aprovar uma resolução de gastos até janeiro de 2026. O comentário soou quase como aparte — o centro de sua atenção estava na política monetária e na sobrevivência jurídica do arcabouço tarifário que ele considera o alicerce de sua estratégia econômica. O que a entrevista revelou foi um presidente que enxerga sinais de sucesso em toda parte, mas que aguarda, com incerteza real, o veredicto da mais alta corte do país.
On a Friday morning in September, Donald Trump sat down with Fox & Friends to make his case for two interconnected economic moves: the Federal Reserve needed to cut interest rates immediately, and his tariff policies were the engine of American prosperity. The president was direct about his frustration with Jerome Powell, the Fed chair. Powell, Trump said, was at least a year behind where he should be on rate cuts. The economy would be performing even better right now if the central bank had already started easing monetary policy, he argued.
Trump's economic argument rested on three pillars. First, inflation was low—the data supported aggressive Fed action. Second, stock markets were hitting new records, a sign of investor confidence. Third, and most contentiously, his tariff policies were working. They had corrected what he described as trade injustices baked into the global system. But there was a complication: those tariffs were now being challenged in the Supreme Court, and Trump treated the case as the most consequential legal matter facing the country.
The tariff question was where Trump's confidence met genuine uncertainty. He believed he possessed presidential authority to maintain tariffs on national security grounds—a broad interpretation of executive power that courts had not yet fully endorsed. But he also knew what was at stake. If the Supreme Court ruled against him, he said, the government would have to return trillions of dollars. The financial hit would be severe. He did not elaborate on how his administration would respond to such a defeat, sidestepping the question with a statement of his conviction: tariffs were necessary for the country to prosper.
On the fiscal front, Trump reported that he was working with Republicans to prevent a government shutdown and to pass a continuing resolution that would extend federal spending levels through January 2026. He expressed confidence that the effort would succeed. The comment was brief, almost an aside—his real focus was on the Fed and on defending the tariff regime against legal challenge.
What emerged from the interview was a president convinced that monetary policy and trade policy were moving too slowly, or in the wrong direction, despite what he saw as clear evidence of success. The stock market was up. Inflation was contained. Yet Powell, in Trump's view, remained timid. And the courts were about to decide whether the tariff architecture that Trump credited with economic gains could survive constitutional scrutiny. The Supreme Court case loomed as a test not just of legal doctrine but of Trump's entire economic strategy.
Notable Quotes
Powell is at least one year behind on rate cuts. Imagine how much better the economy would be if he had already started.— Donald Trump
If we lose in the Supreme Court, we would have to return trillions and trillions of dollars. It would be very difficult.— Donald Trump
The Hearth Conversation Another angle on the story
Why does Trump believe the Fed should have cut rates already, given that inflation is still a concern for many economists?
In his view, inflation is already low enough that the Fed should have moved. He's looking at the stock market gains and the overall economic data and concluding that rate cuts would unlock even more growth. It's a bet that the Fed is being overly cautious.
And the tariffs—he frames them as correcting injustices. What injustices is he talking about?
He doesn't specify in this interview, but the implication is that other countries have been taking advantage of American trade openness for years. The tariffs are his tool to rebalance those relationships. Whether that's actually what's happening is what the Supreme Court will have to weigh.
He mentions having to return trillions of dollars if he loses in court. Where would that money come from?
That's the real vulnerability. If the Court rules the tariffs illegal, the government would owe refunds to importers who paid those duties. It's a massive contingent liability, and it's why Trump treats the case as so critical.
Does he seem worried about losing?
Not in his words. He expresses confidence in his authority. But the fact that he brought up the trillions-of-dollars scenario at all suggests he's thought through the downside. He just doesn't want to dwell on it.
What's the connection he's drawing between tariffs and prosperity?
He's arguing that tariffs correct unfair trade practices, which strengthens American industry and workers. In his telling, that's the foundation for sustained economic growth—more durable than just cutting rates and hoping for the best.