Trump continues to rip Fed over interest rate hikes

Trump continues to rip Fed over interest rate hikes

President Donald Trump accused China and the European Union of manipulating their currencies lower to make their goods and services less expensive to foreign buyers and again knocked the Federal Reserve for increasing interest rates in the USA, saying all undercut the nation's "competitive edge".

The White House quickly released a statement that followed Trump's remarks amid criticism.

So Clinton said that the Fed's independence was one of the things that actually made the USA economy look strong, according to Low.

Mr Trump appears ready to blame the Fed for trying to slow down a booming economy he wants to make a centerpiece of the midterm elections.

In an interview with CNBC broadcast this morning, Trump said, "We're down a tremendous amount", referring to the trade imbalance between the USA and China. "If I lose $100 an acre, and you take the acres that I farm, it's a lot of money. But at the same time I'm letting them do what they feel is best", Trump told CNBC. "We do our work in a strictly nonpolitical way, based on detailed analysis, which we put on the record transparently. we don't take political considerations into account".

The dollar index, which measures the USA currency against a basket of its global peers, fell 0.8 percent, on track for the worst performance in July.

President Donald Trump is predicting that USA farmers will emerge victorious from a trade dispute that has hurt soybean prices.

Meanwhile, Donald Trump on Friday attacked China and the European Union for keeping their currencies artificially low to gain a trade advantage, while again blasting the Federal Reserve for raising interest rates.

The US dollar, as measured by the US dollar index, fell sharply.

But President Trump broke with that tradition, saying in a CNBC interview, "I'm not thrilled" about the Fed's interest-rate hikes.

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That appears to directly contradict what the director of national intelligence has said . The White House spokesperson emphasized Trump meant he did not want to answer questions.

Trump defended his comments to CNBC by saying he is "just saying the same thing that I would have said as a private citizen". "I want them to do well", the U.S. president said of China.

Fed Chairman Jerome Powell, who Trump named to lead the USA central bank, said earlier this month he was not concerned about pressure from US politicians.

Randall Kroszner, a former Fed governor, said the central bank has withstood political pressure before and will continue to do so under Powell's leadership.

Mr. Trump's economic policies, including the biggest tax cut in US history, have fueled a strong economic expansion and record low unemployment.

Trump said he and Chinese President Xi Jinping maintain a good relationship despite the growing dispute over trade. "The economy has been on its strongest footing in some time".

A top Federal Reserve official, meanwhile, warned the trade war could hurt the US economy.

US Federal Reserve Chair Jerome "Jay" Powell, who was appointed by Mr Trump earlier this year, said this week that policymakers remain committed to further, gradual increases.

The central bank's job is to keep prices stable, including raising interest rates to prevent the economy from overheating and inflation from rising. "I guess that has taken people a bit by surprise", he said.

Auto tariffs would escalate global trade tension dramatically: The U.S. last year imported $192 billion in vehicles and $143 billion in auto parts - figures that dwarf last year's $29 billion in steel and $23 billion in aluminum imports. "In light of the European Union and others saying they are ready to respond to tariffs on cars, the stakes are rising fast".

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