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According to Jinse Finance, Trump has announced the dismissal of Federal Reserve Governor Cook, an unprecedented move that marks a significant escalation in his attacks on the Federal Reserve. Trump's action pushes the Federal Reserve system into uncharted territory and is likely to trigger a legal battle that could ultimately reach the Supreme Court. The Federal Reserve Act of 1913 restricts the president's unilateral authority to dismiss Fed governors, stipulating that the president may do so only "for cause." Although the law does not specify what constitutes "cause," it has historically been interpreted as misconduct or neglect of duty. If Trump ultimately succeeds in removing Cook, he would be able to nominate her successor and reshape the Federal Reserve Board in the coming years.

According to Jinse Finance, Trump is taking steps to dismiss board member Cook. Cook has been under pressure to resign for nearly a week, and Trump is now escalating the matter. Forex analyst Eamonn Sheridan noted that the US dollar is facing a double blow: first, because this move increases the likelihood of the Federal Open Market Committee (FOMC) cutting interest rates in September; and second, because Trump may be pushing the US toward a non-independent monetary policy. Turkey’s Erdogan previously attempted to intervene in his country’s central bank and forcibly implement his own monetary policy, which at one point led to the collapse of the Turkish lira. While the US economy may be more resilient, from a marginal effect perspective, this is not favorable for the dollar. Gold prices have already surged.