President Donald Trump on Tuesday cited a new study by the White House Council of Economic Advisers, led by Chair Dr. Stephen Miran, that concludes the administration’s tariffs have had “zero impact” on U.S. inflation and that import prices are falling. Trump said the findings vindicate his trade strategy and declared that the duties are fueling a domestic economic boom. Using the study as leverage, Trump renewed his attacks on Federal Reserve Chair Jerome Powell, urging an immediate cut in interest rates and saying Powell should “resign immediately” if he misled Congress. The president, who referred to Powell as “Too Late,” also told Treasury Secretary Bessent that he preferred him over the Fed chief and said he would support a congressional inquiry into the central bank’s leadership. The confrontation widens the rift between the White House and the Fed, which has kept its benchmark rate at 4.25%–4.50% since December while it assesses price pressures. Trump’s remarks follow his announcement of tariffs of up to 40% on imports from 14 countries starting Aug. 1, underscoring his view that aggressive trade measures and lower borrowing costs can coexist without stoking inflation.