President Trump wants the Fed to slash borrowing costs, but the central bank is unlikely to take such aggressive steps even once it begins to lower interest rates.

Chair Jerome Powell has said the Federal Reserve would likely have cut rates already if not for Trump’s sweeping tariffs.

Back in April, President Donald Trump had claimed to have done “over 200 deals” in an interview with Time Magazine, and trade adviser Peter Navarro had said that “90 deals in 90 days” was possible. The country has fallen far short of that, with only eight deals in 120 days, including one with the 27-member European Union.

Economic data out Wednesday showed trade turmoil wasn’t holding back the U.S. economy, but the Federal Reserve left rates unchanged, citing fear of inflation.

Donald Trump unleashed a series of tariff deals and demands on the eve of his Friday deadline, including surprises on India and copper as the US president attempts to create a new global trade order.

The White House hit Brazil on Wednesday with a 50 percent tariff and sanctions on a justice overseeing investigations into former President Jair Bolsonaro.

Brazil thought it had gotten off lightly on the Trump tariff front. In April, US President Donald Trump announced that Brazilian goods imported to the US would face tariffs of 10% - the lowest base rate applied to most countries.

President Donald Trump signed executive actions on Wednesday implementing a crippling 50% tariff on Brazil as well as a 50% tariff on certain copper products.