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 claim of $2 billion daily tariff revenue is contradicted by US Customs and Treasury data, which show much lower amounts collected.

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.

China now faces tariffs of up to 245 per cent on exports to the United States, according to a White House fact sheet, in response to its retaliatory trade measures. The move follows Beijing’s directive to Chinese airlines to suspend further deliveries of Boeing aircraft,

This action was taken after China directed its airlines to cease any further deliveries of Boeing jets in response to the US imposing tariffs of 145% on Chinese goods.