Trump U-Turns on Powell, China Follow Dire Warnings on Economy

Confronted with fresh warnings from financial markets, business leaders and top advisers, President Donald Trump this week eased off on two of his frequent punching bags: Jerome Powell and China.

Trump entered office with a steadfast desire to reshape the global economy. But his resolve has appeared to waver in the face of turmoil in equities and bonds and pleas from powerful executives who fear his sweeping tariffs and interference with the Federal Reserve could set off an economic calamity.

Trump on Tuesday said he had no intention to fire Powell — despite days of criticism over the central bank’s ...