U.S. stocks were higher after President Donald Trump said he has “no intention” of firing the Fed chair and was said to be mulling lighter tariffs.

Donald Trump has said he has “no intention” of firing the Federal Reserve chair Jay Powell, after indications that he could sack him sparked a sell-off in markets. The president has repeatedly hit out against the Fed chair’s refusal to cut interest rates and last week signalled he believed he could dismiss Powell before his term as central bank head comes to an end in May 2026.

Gold prices soared to a record high, hitting the crucial $3,500 mark on Tuesday, as concerns over U.S. President Donald Trump's criticism of Federal Reserve Chair Jerome Powell dampened risk sentiment and drove investors towards safe-haven bullion.

Business activity in the U.S. and Europe weakened in April, in contrast to pickups in Japan and India, underlining the diverse ways in which higher U.S. tariffs are affecting economies around the world.

President Donald Trump already has enacted higher tariffs against U.S. trade partners as part of his plan to rework world trade and encourage more U.S. manufacturing. The chart above shows Trump's new tariffs that are in place already,

Donald Trump's tariffs have helped nudge Europe's central bank into cutting interest rates further—action the U.S. president has been demanding of the Federal Reserve. President Trump has heavily criticized the Fed for not cutting rates fast enough,