Despite the fact that the US is the world’s largest economy, it cannot be fully independent. Of course, it looks resilient amid the global isolation and is able to exist without external support. Nevertheless, Fed’s Chairman Jerome Powell proved the idea that the US economy is unable to grow under the current conditions. He supposes that the present-day crisis in the European countries is the main obstacle to the stable economic situation in the US. Appearing before the Senate Banking, Housing and Urban Affairs Committee, the Fed chair noted that problems in Europe had a negative influence on all sectors of the US economy due to their long-term relations. The US trade sector is already suffering from the pandemic and yet not big trade conflicts. Moreover, a collapse in the tourism sector hinders a strong economic recovery for the European countries and the US.
However, US President Donald Trump always disagrees with the Fed chair. He believes that the regulator’s economic forecasts are always wrong. "We will have a very good third quarter, a great fourth quarter, and one of our best ever years in 2021," Trump tweeted out.
