The French Finance Ministry predicted distrust of the dollar due to the possible dismissal of the head of the Federal Reserve

US President Donald Trump's dismissal of the Chairman of the Federal Reserve System (FRS, Central Bank of the United States) Jerome Powell will cause distrust of the dollar and destabilize the entire economy of the country. This was announced on April 19 by French Finance Minister Eric Lombard.

"Donald Trump has undermined confidence in the dollar with his aggressive actions on tariffs — for a long time. This confidence will suffer even more due to the events in the bond market," he said in an interview with La Tribune Dimanche.

According to the minister, the United States will face increased debt servicing costs and severe unrest in the country's economy.

In addition, Lombard expressed the opinion that the tariffs imposed by the American leader on imports from the European Union (EU) in the amount of 10% pose "serious risks to global trade." At the same time, he called Europe's goal to create a free trade area with the United States.

In conclusion, the head of the French Finance Ministry called on the heads of European companies to show "patriotism" and cooperate with their governments so that Europe would not lose in the trade war.

Phone and conversation: why the United States exempted electronics from duties

How Trump is softening his own harsh measures against imported goods

Earlier in the day, the head of the International Monetary Fund (IMF), Kristalina Georgieva, said that the trade duties imposed by Trump had a negative impact on the global economy and led to a slowdown in its growth.

On April 2, the American leader announced the introduction of base duties of 10% on products imported from other countries. For the European Union, this figure was raised to 20%, and for China — to 34%.

On April 9, the US president announced the suspension of duties previously imposed on a number of countries for 90 days. He also announced an immediate increase in duties on products from China to 125%. On April 10, this figure reached 145%.