Published: Sat, July 21, 2018
Money | By Michele Stevens

Trump in unusual criticism of United States central bank

Trump in unusual criticism of United States central bank

"China, the European Union and others have been manipulating their currencies and interest rates lower, while the raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge", Trump wrote on Twitter.

U.S. President Donald Trump said in an interview released on Friday he is willing to hit all Chinese goods imported to the U.S. with tariffs if necessary.

In a taped interview with the business channel CNBC aired early Friday, Trump said "I'm willing to go to 500", referring roughly to the $505.5 billion in goods imported past year from China.

In the CNBC interview that aired Friday, Trump reiterated his complaints about America's gaping trade gap with China, even though reforming China's technology policies wouldn't likely narrow the trade deficit.

CNBC began broadcasting parts of the Trump interview Thursday, revealing also that he had broken with the presential practice of not commenting on the Federal Reserve's interest-rate decisions.

"The escalating trade war, if it goes badly, could be a risk for the USA economy", Bullard said, adding he understands the policy's objective.

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Around $505 billion of Chinese goods were imported to the 2017, leading to a trade deficit of almost $376 billion, USA government data shows. Two more rate hikes are still expected this year; Trump's massive tax breaks have raised fears that they could accelerate inflation. And because we live in a reality where logical human behavior reigns supreme, the president has remained demure on all Fed-related topics this morning... "I want them to do well", he said.

Trump also called Powell, who he appointed to succeed Janet Yellen, "a very good man".

The Reserve has hiked interest rates five times since Mr Trump took office at the start of 2017.

"We have a long tradition here of conducting policy in a particular way, and that way is independent of all political concerns", he said.

Interest rate hikes can suppress investment and the unemployment rate, two metrics Trump and Republicans touted frequently throughout his presidency.

Later, in a statement, the White House said Trump respects the Fed's independence and is not interfering with its policy decisions.

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'I don't like all of this work that we're putting into the economy and then I see rates going up'.

In the CNBC interview, Trump again claimed that the USA was "being taken advantage of" when it comes to trade policy.

When asked if the move might cause a stock market drop, he said: "Well, if it does, it does".

"Now I'm just saying the same thing that I would have said as a private citizen", he said, according to CNBC.

It would hurt both countries, but China's "state-run government can do more to artificially prop up its economy" and a cratering US economy would nearly surely hurt Trump's presidency. Fed officials have stressed that they will continue to raise borrowing costs only if the economy keeps improving.

President Trump isn't happy with the Federal Reserve-but the fact that he said so is surprising.

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