Donald Trump is showing why independent central banks are a good idea. The president’s double tirade against Federal Reserve Chairman Jerome Powell on Thursday conjured another dark cloud over financial markets and an economy repeatedly traumatized by his tariff and trade-war chaos.

Trump's comments further pointed to a diminished appetite for sharply higher across-the-board tariffs on dozens of countries after markets reacted violently to their introduction on April 2.

Trump tariffs in 2016 sent a glut of cheap Chinese imports, originally intended for the US, into South East Asia, hurting many local manufacturers. But they also opened new doors for other businesses, often into global supply chains that wanted to cut their dependence on China.

President Trump claimed progress on multiple fronts in developing trade talks on Thursday as his tariff policy disrupts global trade relationships and increasingly hones in on China. Trump was optimistic about negotiations with China,

The U.S. already imposed tariffs on some Chinese products of up to 100%. Add that to the 145% in new tariffs and some products face 245% tariffs.

The Trump administration gave the tech industry and consumers a collective heart attack this morning with a statement that suggested the US would raise tariffs on China to 245%. The White House published an official fact sheet that said,

China now faces tariffs of up to 245% on exports to the U.S., following escalating trade tensions sparked by U.S. tariffs on Chinese goods. In retaliation, Beijing halted Boeing jet deliveries and aircraft part purchases.