Former President Donald Trump took the stage in Gastonia, N.C., on September 18, 2026, to launch a barrage of attacks on the Federal Reserve. He characterized the recent decision to raise the policy rate as “hostile” and said it would hurt American families. The rally, attended by supporters of Senate candidate Michael Whatley, turned into a platform for Trump to blend monetary criticism with sweeping economic promises.
Fed rate hike sparks GOP backlash
Republican senators quickly moved to defend the central bank’s move, arguing that inflation remains too high for rates to stay low. Trump, however, blamed a “hostile board” and suggested that even Fed Chair Kevin Warsh could not steer the institution away from political pressure. He claimed the board’s action was driven by politics rather than the “plain fact” that inflation has lingered too long. The president’s remarks echoed his earlier social-media posts demanding that rates stay at “1% or less” because the United States is “the best credit in the world by far.”
Trump’s economic pledges and trade threats
Beyond the Fed, Trump pledged to slash borrowing costs, insisting that a sub-1% rate would unleash “new investment more than anybody else ever.” He also warned that the United States could recoup at least $1.5 trillion annually by stopping trade with every nation in which the U.S. runs a balance-of-payments deficit. The claim hinged on the idea that a “deficit” is merely a synonym for “loss.” In the same breath, he warned that Canada’s potential associate-member status with the European Union would be seen as a “hostile act,” prompting “very serious tariffs” or even a halt to trade with Europe.
Iran conflict, oil prices and Venezuela deal
Turning to foreign policy, Trump told the crowd that gasoline prices would “come down very quickly” once the war in Iran ends. He highlighted a recent agreement to control 65 million barrels of Venezuelan oil reserves, suggesting that reclaiming that supply would drive domestic fuel costs lower. Current national averages sit above $4 per gallon, a figure that has risen more than 40 % since the conflict began, according to NBC News tracking. Trump’s message implied that ending hostilities would unleash that oil supply, immediately easing the price pressure on American drivers.
Midterm outlook and war powers vote
Republican Representative Nancy Mace, R-S.C., added a stark political warning, describing the upcoming midterms as a “f—ing bloodbath” for her party. She defended her decision—alongside six other Republicans—to back a war-powers resolution urging Trump to seek congressional approval before continuing hostilities in Iran. “It’s why I’m surprised there weren’t more Republicans voting for the war powers resolution,” Mace said, noting that voters in her district are weary of foreign entanglements. Her remarks underscored a growing rift within the GOP between Trump’s hard-line rhetoric and lawmakers concerned about electoral repercussions.
The convergence of monetary policy criticism, aggressive trade proposals, and hawkish foreign-policy language painted a picture of a campaign that is as much about economic anxiety as it is about geopolitical posturing. While GOP senators continue to back the Fed’s inflation-fighting stance, Trump’s narrative insists that the nation can afford both lower rates and higher tariffs, a combination that many economists deem contradictory. As the midterm season approaches, the president’s blend of fiscal optimism and confrontational trade rhetoric will likely shape both voter sentiment and the legislative battles that lie ahead.
