President Trump said Tuesday he is not planning to fire Federal Reserve Chair Jerome Powell even as he repeated his call for the central bank to lower interest rates.

President Donald Trump: “The press runs away with things. Now, I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates. It’s a perfect time to lower interest rates. If he doesn’t, is it the end? No, it’s not. But it would be good timing.”

Trump’s statement came a day after he mocked Powell on social media, writing, “There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW.” That comment panicked investors, causing the U.S. dollar to plummet and prompting a major sell-off on Wall Street. Meanwhile, Trump said he expects to reach a deal with Beijing to lower U.S. tariffs on Chinese products “substantially” from the 145% rate he announced earlier this month — though Trump said the rate would not be lowered to zero. Trump’s latest U-turn came as Treasury Secretary Scott Bessent called the U.S.-China trade war “unsustainable.”