The Trump war against Jay Powell is for the moment cooling off, as the president gave an interview saying he has “no plan” to fire Mr. Powell despite whatever investigations may or may not occur. And he also added parenthetically that the two Kevins, Warsh and Hassett, are the front runners to replace the Fed chairman.And even going back to last Sunday night, the president offered some plausible deniability when he said he didn’t know about the Powell subpoena. And not to obsess about this topic, but I’m going to repeat my view that so far there’s no grand jury, there’s no charge filed.Mr. Powell has done more to damage Fed independence and economic policy, than almost anyone in recent years. But that doesn’t make him a criminal.The cost overruns are bad, very bad, but unfortunately that’s Washington, D.C. for you. The key here is to get Mr. Powell out of office as soon as possible. And I think that means resolving the whole matter, perhaps some meeting with the Justice Department.Yet the sooner we get one of the two Kevins as Fed head, the better off the Trump boom is going to be. And we can get some serious economic reforms at the hidebound central bank. Yet there’s a piece of news today that’s really quite interesting: the trade deal with Taiwan has apparently been completed.Commerce Secretary Howard Lutnick says it could be worth $500 billion in new factory production in America, half from the Free Chinese government, and half from private companies on Taiwan.So, it’s another win for Mr. Trump’s trade policies. Mr. Trump loves factories.Yet I’d say it’s another loss for Communist China. Which brings me to my last point.If you haven’t read it already, go to the Wall Street Journal editorial page and read Arthur Herman’s “America is the Sole Super Power again.”The subhead is “China could’ve been a contender, but Trump has led the U.S. to a new unipolar moment.” Mr. Herman’s point, and he’s just about the only person making it so emphatically, is that Trumpian economic and military strengths are now dominating the globe and crafting a new world order. Bombing Iran’s nuclear sites, the Gaza ceasefire, arresting Nicolas Maduro in Venezuela, 5 percent economic growth, nearly 14 million barrels of oil a day, tough tariff policies.And I’m gonna add chips, and A.I., and quantum computing, and technology advances are winning the superpower sweepstakes. China got close, but the United States is pulling away.Trump is indeed making America great again.From Mr. Kudlow’s broadcast on Fox Business Network.
