Trump in unusual criticism of USA central bank

Trump Slams Interest Rate Hikes, Ignoring Hands-Off Tradition Toward Fed

Trump, however, has made reducing USA trade deficits a priority and the combination of rising interest rates and a strengthening dollar pose risks for export growth.

After the interview, Trump reiterated criticism of the Federal Reserve's planned interest-rate hikes, posting on Twitter that the tightening policy would diminish any USA trade advantage and exacerbate losses from "BAD trade deals".

Earlier this month, the United States imposed tariffs on US$34 billion of Chinese imports.

The US dollar went down on Friday amid President Donald Trump's criticism about the Federal Reserve's current monetary tightening.

The US$500 billion would be roughly the value of Chinese goods imported into the USA previous year. "We are being taken advantage of and I don't like it".

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A Trump-backing farmer in Pennsylvania admits that he's feeling the pinch from the president's trade policies. Mr Trump came under fire for his lukewarm support during a news conference with Mr Putin for the finding by United States intelligence agencies that Russian Federation meddled in the 2016 election.

Trump has been threatening to levy tariffs on European auto manufacturers in a bid to force more production into the US.

Feroli also noted that the easiest way for Trump to bend the Fed to his political will would be to fill the Federal Reserve Board of Governors with members that agreed with a low interest rate policy or were personally connected to the president. The Treasury, usually the lead spokesperson for the dollar, for years has stuck to the script that a strong dollar is good for the economy.

The president's remarks on China and the European Union run counter to a semi-annual report from the Treasury Department in April that abstained from identifying any nation as a currency manipulator.

Benchmark 10-year USA notes last fell 13/32 in price to yield 2.895 percent, from 2.847 percent late on Thursday. Past presidents have typically refrained from criticizing the Fed, which determines how to manage interest rates to keep inflation in check.

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The late rebound triggered market speculation that authorities had intervened to prevent the yuan falling too steeply but analysts said China seems okay with further depreciation as the trade war rumbles on.

And in a statement, the White House noted that Trump was not intending to exert any such influence: "Of course the President respects the independence of the Fed". The Fed has raised interest rates five times since Trump took office in January 2017.

I put a very good man in the Fed.

The US-China spat is the largest and broadest of several trade fights picked by Trump.

The White House in June already threatened to extend punishing USA duties progressively to up to $450 billion in Chinese imports. Another wave of tariffs on an additional $16 billion of Chinese goods could go into effect in coming weeks.

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