US President discusses Fed chair search, Venezuela oil, Iran warning

President Donald Trump said the US will sell 50 million barrels of oil from Venezuela at market prices

US President Donald Trump addressed several international issues on Wednesday, stating he is close to concluding the search for a new Fed Chair.

He was speaking to CNBC on the sidelines of the World Economic Forum in Davos.

Trump pointed out that the search for a new Fed Chair started in September and included up to 11 candidates, noting that it was now nearing completion and had been narrowed down to a single candidate.

He criticized current Fed Chair Jerome Powell over the Federal Reserve’s renovation project, saying Powell did not perform well on the project, describing him as “either incompetent or corrupt”.

The renovation could have been completed for $25 million, while the US President believed the actual cost was close to $4 billion, rendering it the “most expensive project”.

He added that he does not care whether Powell remains on the Fed’s board after his term as Chair ends.

On the energy issue, Trump said the US would sell 50 million barrels of oil from Venezuela at market prices, adding that part of the proceeds would be returned to Venezuela, while the rest would be kept by the US.

He said Venezuela would earn more through this arrangement than it would have over 25 years.

Speaking on Iran, Trump said it must stop seeking nuclear weapons, warning that stern measures could be taken if it did not halt such efforts.

He also said the US had reached a good agreement with European countries on Greenland, including cooperation on the Golden Dome project and mining rights.

The President stated that the agreement would be permanent but a somewhat complicated, noting it would be explained in detail later.

Trump said large investors have made it harder for US citizens to buy homes, adding that these large companies had purchased thousands of properties to rent out or resell at significant profits.