The European Central Bank publicly warned Trump: weakening the independence of the Fed may raise rather than drop borrowing costs. According to BlockBeats news, on September 2, ECB Executive Board member Schnabel stated that weakening the independence of the Fed could backfire, raising rather than dropping borrowing costs, and also disrupting the entire global financial system. Schnabel said in an interview, "If the Fed loses its independence, it will cause huge damage to the global financial system and also affect the European Central Bank. I sincerely hope this does not happen." (Jin10)