"Universities are America's Assets"... Powell Criticizes Trump's 'Thorn in the Side'

Korea Economic Daily

Summary

Jerome Powell, the U.S. Federal Reserve Chair, emphasized that universities must protect democracy and criticized President Trump's pressure on Harvard University.
Powell highlighted that American universities are important national assets that the world envies.
President Trump and Powell have continuously clashed over interest rate cuts, with tensions escalating between the two.

Powell, in Commencement Speech at Alma Mater

Targets Trump's 'University Pressure'

"Must Protect and Strengthen Democracy"

In November 2017, then-U.S. President Donald Trump looks at Jerome Powell, the nominee for the U.S. Federal Reserve (Fed) Chair, as he takes the podium at the White House. Photo=Reuters

Jerome Powell, the U.S. Federal Reserve (Fed) Chair, who has been a thorn in the side of U.S. President Donald Trump, has now stated that "universities must protect democracy," countering President Trump's pressure on Harvard University. He said, "American universities are assets that the world envies," making this statement.

According to the Financial Times (FT) on the 25th (local time), Powell, a Princeton University alumnus, stated in his commencement speech at his alma mater, "We lead the world in many areas, including scientific innovation and economic dynamism, and American universities are the envy of the world and important national assets."

He emphasized, "When we faced several crises, such as the COVID-19 pandemic, the Fed took bold actions to save the economy, and all the Fed officials who accomplished this deserve respect and gratitude," adding, "We must not take anything for granted and strive to protect and strengthen democracy, moving closer to the ideals our founding fathers envisioned for America."

This is interpreted as a remark aimed at President Trump, who recently banned foreign registrations at Harvard University. President Trump criticized prestigious universities like Harvard as hotbeds of anti-Semitism and pro-China bases. He continued to pressure by banning foreign registrations at Harvard.

Harvard filed a lawsuit, and a U.S. court ordered a temporary halt to the ban on foreign registrations. In this context, Powell mentioned that "universities must protect democracy."

Powell and President Trump have clashed several times over interest rate cuts. President Trump argues that the Fed should preemptively cut rates to mitigate the impact of 'tariff bombs.' In contrast, Powell has stated, "It's not too late to respond after watching the data a bit more."

President Trump has escalated tensions by making threatening remarks such as "I can fire Powell."

Reporter Song Jong-hyun scream@hankyung.com