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Goldman Sachs says the trade dispute is hitting China especially hard.
Powell has been a near-constant target of pressure by the Trump administration, which looked into whether it could demote him last year.
The effects of trade tensions between the Trump administration and China have grown increasingly evident in the largest economies in recent months.
Even a ceasefire in the US-China trade war might not be enough to spark corporate spending, analyst says
According to analysts at Bank of America Merrill Lynch, the US trade deficit sits at 3.1% of gross domestic product.
The two sides have clashed over whether tariff rollbacks should be included in the first stage of the interim agreement.
President Donald Trump sought to shift focus toward the economy as impeachment hearings against him went public for a second day.
Factory output of motor vehicles and related parts dropped 7.1% last month. Excluding the motor vehicles sector, US factory production only fell 0.1%.
Trade tensions with China have raised alarm in American households, undermining one of the brightest spots in an economy otherwise expected to slow.
The data released on Thursday showed that growth in the third quarter was led by consumption, with household and government expenditure increasing.
A $50 billion quota would be more than double the amount of agricultural products that China imported from the US in 2017.