On August 26, 2025, President Donald Trump made headlines with two significant actions. First, he announced the dismissal of Federal Reserve Governor Lisa Cook, citing alleged mortgage fraud. This move has raised concerns about the Federal Reserve's independence, with Cook vowing to contest her removal in court. The decision has also unsettled investors, leading to a dip in U.S. stock index futures. reuters.com
In addition to the Federal Reserve controversy, President Trump addressed international digital regulations. He warned of potential retaliatory measures against countries implementing digital taxes or regulations that impact American technology firms like Google, Apple, and Meta. While he did not specify which nations were targeted, his comments were widely interpreted as directed at the European Union's Digital Services Act and Digital Markets Act. These EU laws aim to regulate online platforms and curb monopolistic practices, with violations attracting substantial fines. apnews.com
Key Takeaways
- President Trump dismissed Federal Reserve Governor Lisa Cook over alleged mortgage fraud.
- Cook plans to contest her removal, raising concerns about the Fed's independence.
- Investors reacted negatively, causing a dip in U.S. stock index futures.
- Trump warned of retaliatory measures against countries imposing digital taxes on U.S. tech firms.
- The EU's Digital Services Act and Digital Markets Act are seen as targets of Trump's comments.