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Trump blasts Fed, threatens to put tariffs on all Chinese goods

Trump blasts Fed, threatens to put tariffs on all Chinese goods

But Trump - in a tit-for-tat tariff war with the EU, China, Mexico and Canada - said he was anxious that the timing put the U.S. at a "disadvantage" while the European Central Bank and the Bank of Japan maintain loose monetary policy, the network reported.

Excerpts of the CNBC interview were released yesterday in which Trump criticized the Federal Reserve for raising interest rates. More than 70 percent of Republican and Republican-leaning US adults believe increased tariffs between the United States and its trading partners will be good for the country, according to a Pew Research Center survey released late Thursday.

Despite this, Trump said that the Fed should keep rates low so the USA economy could make up lost ground to China. "Debt coming due & we are raising rates - Really?", he asked rhetorically.

Trump added, referring to the Fed's rate increases: "The United States should not be penalized because we are doing so well".

In the CNBC interview, Trump also said he was "not happy" the Fed planned to continue raising benchmark lending rates.

Mulvaney tells Fox News Channel that Trump "is not the first president, nor he is he the first Republican conservative or Democrat who is frustrated that every time things seem to getting a lot better (economically), the Fed tries to pump the brakes".

He said the United States is "being taken advantage of, and I don't like it".

His allegations that China and the European Union are manipulating currencies are at odds with a Treasury Department report released in April that did not name any country as a currency manipulator.

Working to ensure Russia does not meddle in US elections: White House
HORSLEY: It sounds like sort of typical Trumpian hyperbole, but some analysts I've talked with say it's not without foundation. Another Republican senator - John Thune of South Dakota - said having the translator give testimony was "highly unlikely".

The comments, plus Trump's criticism of Federal Reserve interest rate hikes, had sent the dollar tumbling against a basket of currencies.

After his posts, the US dollar extended losses against the European Union's euro, the Chinese yuan and Japanese yen.

It's always been speculated that the taboo of commenting on US monetary policy could change under Trump, who slammed the Fed during his election campaign and has demonstrated repeatedly his willingness to flout the conventions and sensibilities of establishment Washington.

The president's comments likely put a ceiling on the recent U.S. dollar rally so far this year, said Viraj Patel, a foreign-exchange strategist at ING Bank NV.

The U.S. central bank last raised borrowing costs in June, and in an address to Congress this week Powell repeated his view that rates would keep rising slowly now that the unemployment rate was at the lowest level since the 1960s and inflation was rising.

The Fed has had no comment on Trump's interview comments or his tweet but last week Powell said in an interview that the Fed had a long tradition of conducting policy in a way that is "independent of all political concerns".

"I would have a higher stock market right now".

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.

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