Little sign of Trump shifting gears in his interview

U.S. President Donald Trump joined CNBC’s “Squawk Box” Tuesday for a lengthy interview that touched on tariffs, the Federal Reserve, the state of Russia’s economy and being rejected as a customer by JPMorgan Chase and Bank of America.

For those pressed for time and want a very broad TL;DR: Trump appears to be digging in on his policies.

With modified country-specific “reciprocal” tariffs due to start Aug. 7 — and duties on India to be raised within the next 24 hours, according to Trump’s comments during the interview — the Trump administration seems to be turning its attention to sectoral ones. Trump told CNBC that he will announce his tariff plan for semiconductors “within the next week or so.” Additionally, he will impose “a small tariff” on pharmaceutical imports before ratcheting it up to 250% within a year and a half.

The U.S. president doesn’t look like he’s backing down from his feud with the central bank, either. Days after the Fed chose to hold interest rates, Trump discussed his potential candidates to replace Jerome Powell as Fed chair. While Treasury Secretary Scott Bessent has taken himself out of consideration, among possible contenders are former Governor Kevin Warsh and Kevin Hassett, the National Economic Council director. “Both Kevins are very good,” Trump said.

Whichever Kevin — or “other people that are very good, too,” in Trump’s words — assumes the role when Powell’s term ends in May 2026 (or is truncated earlier, depending on Trump’s moves), they would have to help prop up an economy that seems to be slowing, as indicated by July’s startling jobs report and ISM Services index.