President backs off criticism of Fed chair

WASHINGTON — President Donald Trump said Tuesday he has "no intention of firing" Federal Reserve Chair Jerome Powell, days after his statement that he would like to terminate the head of the U.S. central bank caused a stock market selloff.

The U.S. president, frustrated by the Fed pausing cuts to short-term interest rates, previously said he could fire Powell if he wanted to.

Trump's comment frightened investors because the Fed is supposed to act independently, without pressure from politicians, so it can make decisions that may be painful in the short term but best for the long term. Markets saw heavy losses Monday but rallied after Trump backed off his criticism of the Fed.

TARIFFS: A dozen states sued the Trump administration Wednesday in the U.S. Court of International Trade in New York, saying its tariff policy is unlawful and brought chaos to the U.S. economy. The suit asks the court to block the government from enforcing the tariffs.

UNIVERSITIES: President Donald Trump ordered sharper scrutiny of America's colleges and the accreditors that oversee them Wednesday, part of his escalating campaign to end what he calls " wokeness " and diversity efforts in education.

SCHOOLS: A federal judge temporarily blocked the Trump administration's guidance forbidding diversity, equity and inclusion efforts in K-12 public schools Thursday in a lawsuit brought by the National Education Association and the American Civil Liberties Union.