Federal Reserve Chair Jerome Powell on July 1 told a global audience of world bankers, economists, and academics what could prompt a long-awaited U.S. interest rate cut later this month.

The Federal Reserve would likely have lowered interest rates this year if it weren’t for President Donald Trump’s significant policy changes, Chair Jerome Powell said Tuesday.

The central bank chief said he believes the Fed board would have decided to lower rates further until Trump launched his mercurial on-again, off-again tariffs policy, which could wind up raising