World
Can Donald Trump fire Jerome Powell, US Federal Reserve chair?
President Donald Trump is sending mixed messages about whether he will fire Federal Reserve Chair Jerome Powell.
Trump said on July 16 he is “not planning on doing anything” when asked if he would fire Powell. However, he also said he doesn’t “rule out anything” and mentioned a renovation project with ballooning costs.
“I think it’s highly unlikely unless he has to leave for fraud,” Trump said. “And it’s possible there’s fraud involved with the $2.5, $2.7 billion renovation. This is a renovation, how do you spend $2.7 billion? And he didn’t have proper clearance.”
The Federal Reserve has been undergoing building renovations since 2021 on a project that the board that controls the Fed first approved in 2017. The project’s cost of $2.5bn is about $600m above the original budget, according to The Associated Press.
The cost has increased because of design changes, increasing labour and material costs and “unforeseen conditions”, such as “more asbestos than anticipated”, the Fed said in an FAQ.
But Trump’s administration seems to be using the renovation as a possible reason to oust Powell. Russ Vought, director of the Office of Management and Budget, sent Powell a July 10 letter saying the project is “out of compliance with the approved plan” and “in violation of” the National Capital Planning Act, which outlines how agencies can make changes to federal buildings.
Trump’s feud with Powell isn’t new. For months, the president has criticised Powell, whom he appointed to the role in 2017, for refusing to drop interest rates. The Fed raised interest rates in 2022 and 2023 during former President Joe Biden’s administration as a response to inflation.
Since Trump entered the White House in January, he has told Powell to resign and threatened to fire him.
“If I want him out, he’ll be out of there real fast, believe me,” Trump said in April. “I’m not happy with him.”
In November, after the 2024 election, reporters asked Powell if he would step down or whether he thought Trump had the authority to fire him.
“Not permitted under the law,” Powell said.
Trump spoke to a group of Republican lawmakers on July 15 about firing the chair, several news organisations reported. Trump showed lawmakers a draft letter firing Powell, The New York Times reported.
Trump denied having written a letter.
“No, I talked about the concept of firing him. I said, ‘What do you think?’ Almost every one of them said I should,” Trump said. “But I’m more conservative than they are.”
While Trump attributed his reticence to fire Powell to his “conservatism”, the bigger impediment is a question of legality. Here’s why.
What is the role of the Federal Reserve; who appoints its chair?
The Federal Reserve is the country’s central bank. Its responsibilities include setting interest rates and supervising and regulating banks. It was created in 1913 as part of the Federal Reserve Act and is run by an independent board of governors. The seven governors that make up the board are nominated by the president and confirmed by the Senate. The president selects the chair and two vice chairs from among the seven, according to the Congressional Research Service.
While talking to reporters, Trump appeared to overlook that he was the person who nominated Powell to be the chair in 2017: “I’m surprised he was appointed,” Trump said. “I was surprised, frankly, that Biden put him in and extended him.”
In 2021, Biden nominated him for a second four-year term, which is set to end in May 2026. After that, Powell can remain on the board of governors until January 2028.
Can the president fire the Federal Reserve chair?
Unlike other government agencies, the Fed has a lot of independence from Congress and the White House, the Congressional Research Service said in a January report.
According to the report, economists have justified the independence, saying that decisions about monetary policy shouldn’t be influenced by political pressures. To ensure Fed accountability, the chair testifies before Congress, much like other government agencies.
The Fed chair can be removed “for cause by the President”, according to the law. This refers to “inefficiency, neglect of duty, or malfeasance in office”, according to a Supreme Court decision about the Federal Trade Commission.
In May, the Supreme Court ruled on Trump’s authority to fire members of two different independent agencies. In its 6-3 ruling, the Court granted the Trump administration’s emergency request to fire the heads of the agencies while the case over the legality of firing them played out in the courts.
In its opinion, the Supreme Court addressed the Fed, saying its ruling didn’t affect the agency.
“The Federal Reserve is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States,” the Supreme Court said.
Some legal experts question the legality of Trump firing Powell. Any move to oust him would likely end up in the courts.
Peter Conti-Brown, a professor of financial regulation at the University of Pennsylvania, said the Fed’s building renovation costs aren’t “cause” for Powell’s dismissal.
“There is no factual basis to support any conclusion that the cost overruns on the renovation project constitute anything like fraud or gross negligence,” Conti-Brown said. “Had Powell committed fraud, in this context or any other, there could well be a case for his removal.”
Conti-Brown said that Trump has long talked about wanting Powell’s removal. A court may consider Trump citing the renovation’s budget as “pretext” for his firing – a legal term used to describe a false reason an employer gives for firing an employee in order to cover the real reason, Conti-Brown said.
“Courts evaluating any attempted removal after the fact will assess both the animus and pretext very heavily against President Trump,” Conti-Brown said.
However, it is unclear how courts would react because “this is uncharted legal territory”, Jeremy Kress, a former Fed banking regulator who is a faculty director of the University of Michigan’s Center on Finance, Law and Policy, told The New York Times.
Lev Menand, a legal scholar at Columbia University, agreed with Kress.
“In normal times, I would say Powell wins 10 times out of 10,” Menand told The New York Times. “But these aren’t normal times, because this court has shown that it is willing to look the other way when the president engages in illegal conduct and it is willing to construe the president’s power under the Constitution as so broad as to allow the president to flout laws.”
World
US strikes bridges and collapses a tower at a key port as its Iran campaign expands
DUBAI, United Arab Emirates (AP) — A tanker came under attack traveling through the Strait of Hormuz taking the route closest to Oman, the British military said Friday.
The report from the United Kingdom Maritime Trade Operations center described the strike as happening early Friday and involving a projectile hitting the vessel.
The UKMTO said the ship sustained minor damage to its port side.
“All crew are safe and accounted for, no environmental impact has been reported and the vessel is continuing to its next port of call,” the UKMTO said.
Iran has been attacking tankers traveling on the route near Oman but did not immediately acknowledge any attack.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
DUBAI, United Arab Emirates (AP) — The United States expanded its airstrike campaign against Iran early Friday by hitting more bridges and collapsing a tower at a key Iranian port, part of U.S. President Donald Trump’s threats to start striking infrastructure to pressure Tehran to ease its chokehold on the Strait of Hormuz. Iran launched new missile attacks against U.S.-allied nations in the Middle East, including Qatar, a key mediator in the war.
The interim ceasefire agreed to last month has collapsed, and the region has endured days of back-and-forth attacks by the U.S. and Iran as they battle for control of the strait. Iranian officials say U.S. strikes have killed dozens of people and wounded hundreds of others, with new casualties reported in Friday’s strikes.
When the U.S. and Israel launched the war on Iran on Feb. 28, Tehran effectively closed the strait to shipping traffic, a move that sent the price of oil soaring and gave Iran major leverage in negotiations.
Speaking in a primetime address to the American public, Trump insisted the war was going well.
“We are likewise winning big in Iran, and you will see the fruits of that labor very, very shortly,” Trump said.
Bridges and a port tower hit in Iran
The U.S. airstrikes hit bridges overnight into Friday in Iran’s southern Hormozgan province, killing at least seven people, Iranian state television reported. The attacks hit Bandar Khamir, a city on Iran’s coast on the Strait of Hormuz.
The highway and railway bridge strikes appeared aimed at cutting off Bandar Abbas, Iran’s main port, from roads leading into the Islamic Republic’s central region onward to Tehran, the capital.
While other routes still are open, the U.S. strikes could expand further, potentially disrupting both the movement of military materiel and goods needed for Iran’s 90 million people.
The U.S. military’s Central Command said it hit dozens of targets in its latest airstrikes, which concluded at dawn Friday, the sixth night in a row of American attacks.
The strikes also collapsed a tower at Iran’s Chabahar port on the Gulf of Oman, a key trade route for landlocked, neighboring Afghanistan, the state-run IRNA news agency reported.
U.S. Defense Secretary Pete Hegseth shared the image of the surveillance tower collapsing, part of his effort to assert American control over the strait. That image had circulated social media via activists prior to Hegseth sharing it.
Chabahar port, which Iran had been running with support from India, has been a repeated target of American airstrikes. Iranian state media acknowledged a third round of strikes on the facility without immediately acknowledging the tower’s collapse.
Iran described the tower as overseeing commercial traffic into the port. However, Iran’s paramilitary Revolutionary Guard also operates at ports across the country.
Iran retaliates by targeting Qatar, a mediator in the war
On Friday, Qatar twice warned the public to take shelter as a barrage of Iranian missiles targeted the nation. People heard explosions overhead as air defenses fired to intercept the missiles. Qatar’s Interior Ministry said falling debris wounded a child.
Qatar, along with Pakistan, is a key mediator in trying to reach an end to the Iran war. But talks have broken down over Iran’s chokehold on the Strait of Hormuz.
Iran also targeted Bahrain and Kuwait early Friday. Jordan’s military said it intercepted three incoming missiles Friday morning launched by Iran.
Explosions also could be heard Friday morning in Irbil and Sulaymaniyah in northern Iraq’s semiautonomous Kurdish region as air defenses targeted incoming fire. There was no immediate word on any damage.
Strikes come as Iran and US vie for Strait of Hormuz
Trump has returned in recent days to his threats to target Iranian power stations and bridges to try to compel Iran to loosen its hold on the strait, through which about a fifth of all oil and natural gas traded once passed in peacetime. The U.S. also reimposed a naval blockade on Iranian ports to halt its shipments of crude oil.
Week-to-week cargo shipments through the strait dropped by almost a quarter at the beginning of the month, according to maritime data firm Lloyd’s List Intelligence. And that was before the recent surge in tit-for-tat attacks.
Given the risks, some oil shippers are transiting the strait with their location devices turned off, but many are just staying put, Lloyd’s said Thursday. A growing amount of the region’s energy is being shipped through pipelines, but not nearly enough to offset the decline in shipping through the strait.
U.S. forces have redirected three commercial vessels trying to run the blockade, disabled one that did not comply and boarded another “to ensure full compliance,” the U.S. military’s Central Command said in a post on X.
___
Associated Press writers Amir Vahdat in Tehran, Iran, Annika Wolters in Rayong, Thailand, and Stella Martany in Irbil, Iraq, contributed to this report.
World
Resource-rich nation praises US ties amid Washington-Beijing critical minerals race
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UNITED NATIONS — The Democratic Republic of Congo does not view growing American involvement in its critical minerals industry as a contest with China, the country’s foreign minister told Fox News Digital, arguing that Kinshasa needs multiple partners to transform its vast natural wealth into prosperity for its people.
“I don’t like talking about competition. I like talking about complementarity,” Foreign Minister Thérèse Kayikwamba Wagner said in an exclusive interview at the United Nations.
U.S. President Donald Trump, Secretary of State Marco Rubio and Vice President JD Vance meet Democratic Republic of the Congo Foreign Minister Thérèse Kayikwamba Wagner in the Oval Office at the White House in Washington D.C., June 27, 2025. (Ken Cedeno/Reuters)
“A country as big as the USA, but also a country as big as the DRC and as big as China, they do not develop just with one single partner,” she added. “They develop with different partnerships that respond to different needs and that bring different expertise to the table.”
CHINA’S GRIP ON RARE-EARTH MAGNETS COULD CRUSH US DRONE INDUSTRY BEFORE IT GROWS
The comments come as the Trump administration seeks to increase American access to Congo’s copper, cobalt, lithium, gold and other strategic resources, while reducing U.S. reliance on mineral supply chains dominated by China.
A strategic partnership signed by Washington and Kinshasa Dec. 4, 2025, calls for increased economic cooperation, investment and the development of secure and transparent critical-mineral supply chains. The agreement accompanied a broader regional framework linking economic integration to efforts to end decades of conflict between Congo and Rwanda.
TRUMP ADMIN BACKS BOLIVIA STATE OF EMERGENCY AS LEFTIST EX-LEADER’S LOYALISTS FRACTURE NATION
Excavators and drillers at work in an open pit at Tenke Fungurume, a copper and cobalt mine 110 km (68 miles) northwest of Lubumbashi in Congo’s copper-producing south Jan. 29, 2013. (Reuters/Jonny Hogg/File Photo)
A separate arrangement involving DR Congo’s state mining company Gécamines and commodities trader Mercuria could give U.S. buyers priority access to some copper and cobalt supplies, Reuters reported Dec. 5, 2025. The U.S. International Development Finance Corporation also expressed interest in taking a strategic stake in the partnership.
Kayikwamba Wagner said relations between the U.S. and DR Congo were taking “a more concrete shape” based on mutual economic interests.
She said Kinshasa welcomed “more U.S. interests in the DRC” that could help the country turn its mineral wealth into “tangible transformations for the lives of Congolese,” while also delivering benefits to American partners.
Speaking separately at a high-level U.N. meeting on critical minerals Tuesday, Kayikwamba Wagner warned that the global shift toward clean energy must not reproduce an economic model in which raw materials leave Africa while processing, technology and most of the profits remain elsewhere.
“The global energy transition must not become another extractive transition,” she said. “If it merely replaces one form of dependency with another, it will have fallen short of its promise.”
She called for foreign partnerships to support local processing, infrastructure, technology transfers, research, industrialization and access to financing — not simply secure supplies of raw materials.
CHILL COMING FROM TRUMP’S SUMMIT WITH XI IS PROOF OF A NEW COLD WAR WITH CHINA
M23 rebels stand with their weapons in Kibumba, in the eastern of Democratic Republic of Congo, Dec. 23, 2022. (AP Photo/Moses Sawasawa)
The minerals push is closely connected to the U.S.-mediated peace process between the DRC and Rwanda. The countries initially signed a peace agreement in Washington June 27, 2025, before presidents Félix Tshisekedi and Paul Kagame reaffirmed the deal and signed related economic agreements on Dec. 4. The framework was intended both to reduce fighting and attract Western investment to a region rich in cobalt, copper, tantalum and other minerals.
Kayikwamba Wagner acknowledged that the agreement had not ended the violence but said Washington’s willingness to impose consequences for violations showed that the process remained meaningful.
“This is a 30-year conflict we’re dealing with,” she said. “It’s not going to happen overnight.”
She praised the administration for sanctioning the Rwanda Defense Force and senior Rwandan officials over what the Treasury Department described as their support for the M23 rebel group. Treasury said in March that the RDF had supported, trained and fought alongside M23 as it seized territory and strategic mining locations in eastern Congo. Rwanda has repeatedly denied supporting M23.
“I find it encouraging to see that we have with us a partner that is not willing to give up at the first obstacle,” Kayikwamba Wagner said.
She was in New York as the DRC, which holds the Security Council presidency for July, elevated the connection between natural resources, armed conflict and sexual violence.
Kayikwamba Wagner said rape and other forms of conflict-related sexual violence had risen sharply in areas held by M23 and Rwandan forces, affecting women and girls as well as men and boys.
Victims in occupied areas, she said, often lack access to courts, healthcare or other avenues for redress.
“This is also one of the reasons why we continue to be mobilized against this illegal occupation of eastern DRC,” she said, arguing that restoring state authority was essential to providing survivors with justice and medical care.
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President Donald Trump arrives for a signing ceremony with Rwandan President Paul Kagame and Democratic Republic of Congo President Felix-Antoine Tshisekedi at the Donald J. Trump Institute of Peace Dec. 4, 2025, in Washington. (AP Photo/Evan Vucci)
In her U.N. remarks, she cited the Rubaya mining area, which is under M23 control and supplies a significant share of global tantalum demand. She said U.N. experts estimated that at least 1,400 tons of coltan were smuggled into Rwanda during the first year after the mines were seized, generating approximately $800,000 per month for the armed group.
The Treasury Department imposed additional sanctions on June 25 against a network it accused of working with M23 to smuggle minerals from eastern Congo into Rwanda, saying the action was intended to support the Washington peace framework and improve transparency in regional mineral supply chains.
World
China rebukes UK over nationalisation of British Steel
The UK has appropriated its last working steelworks, following fears its former Chinese owners would shut it down.
Published On 17 Jul 2026
Beijing has warned the United Kingdom that its nationalisation of British Steel has “severely undermined” Chinese companies’ confidence in investing in the UK.
The UK nationalised the loss-making company on Thursday in what the government said was a move taken to protect national interests.
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British Steel is the only source of primary steelmaking in the UK. It supports approximately 2,700 jobs across its main steelworks in Scunthorpe and across the wider supply chain.
The company’s former owner, Jingye – which is among the 100 biggest companies in China – bought British Steel for 70 million pounds ($94m) in 2020. By 2025, Jingye said it was losing 700,000 pounds ($942,000) every day.
British Steel’s nationalisation has been in the works for more than a year.
In March 2025, Jingye carried out a consultation that concluded that the British Steel furnaces were not financially sustainable. The following month, it emerged that Jingye had cancelled orders for a key material used in the steelmaking process, stoking fears that it was planning to shut down the blast furnaces.
That month, the UK government seized operational control of British Steel from Jingye to stop that from happening. The Chinese company retained ownership, but lost operational control.
Thursday, though, saw ownership officially transfer to the UK government, which says it will appoint an independent valuer to “assess whether any compensation is payable” to Jingye.
The process has angered Beijing. The expropriation of British Steel “seriously damaged” Jingye’s legitimate rights and interests and “severely undermined” Chinese companies’ confidence in investing in the UK, China’s Ministry of Commerce said in a statement on Friday.
The UK, the ministry said, has “forcibly” taken over the company and “disregarded” Jingye’s contributions to the British economy and society.
The ministry urged the UK to fulfil obligations under the China-UK Investment Protection Agreement and said it would assist Chinese companies in protecting their rights.
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