Trump tells Fed to slash rates or he'll end trade with countries with U.S. surpluses

Trump demanded the Fed cut interest rates, warning that if it does not, he will cut off trade with countries that run trade deficits with the U.S. The statement pairs pressure on monetary policy with explicit trade retaliation, increasing uncertainty around both rates and trade flows. This is likely to raise risk premia across rates and FX as markets parse the credibility and timing of the threats.