President Donald Trump is ratcheting up pressure on the Federal Reserve to cut interest rates, accusing Fed Chair Jerome H. Powell of “playing politics” and of acting too slowly to respond to changes in the economy.

Traders on Wednesday sharply trimmed their bets on Federal Reserve interest-rate cuts after U.S. President Donald Trump said he was further increasing tariffs on China but pausing for 90 days the big tariff increases he had announced last week for most other countries.

The Federal Reserve is now under growing pressure to cut interest rates and pump cash into the financial system at its next scheduled meeting later today, as fears of a full-blown market crash and recession spread across global markets.