Trump claims Fed rate hikes hinder U.S. economy


The president told CNBC that he is ready to place a tariff on every single Chinese good entering the the latest salvo in what could quickly turn into an unprecedented trade war.

"The Chinese are not clear what the United States wants", said Scott Kennedy, who studies the Chinese economy at the Center for Strategic and International Studies. Tightening now hurts all that we have done.

Trump also accused the European Union, China, and "others" of manipulating their currencies lower and creating an uneven playing field with the US. In particular, the Fed's most recent rate hikes could dilute some of the benefit of the tax cuts Trump signed into law past year.

"The US should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals", Trump said on Twitter.

He again said he was willing to ramp up his attacks on China, potentially imposing punitive tariffs on all of the $505.6 billion in goods imported from that nation.

Donald Trump said he is "ready to go" with tariffs on an additional $500bn of imports from China.

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In a series of comments over the past two days that shook financial markets, Trump attacked the Fed for raising interest rates and for undercutting his efforts to slash the USA trade deficit.

"On occasion, however, the rate of money growth has been quite volatile, contributing to instability in interest rates and a decline in economic activity", Reagan said.

Presidents historically have refrained from criticizing the Fed, which is supposedly free from political interference.

The White House on Thursday attempted to ensure markets that the Fed maintains its independence after the CNBC interview was aired.

Trump indeed said he had 'put a very good man in, ' in reference to Powell, who succeeded Janet Yellen at the Fed.

An important part of the Fed's role is its political independence.

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"I am not happy about it", Trump said. "But at the same time I'm letting them do what they feel is best", he added. "I'm doing this to do the right thing for our country".

The dollar index, which measures the greenback against a basket of global currencies, was off almost 0.5 percent before the stock market opened in NY.

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

The Fed has raised interest rates seven times since December 2015 and has penciled in two more rate hikes for this year.

Powell has said he believes the economy is strong enough for the Fed to continue normalizing rates, which were held at a historically low level during the recovery. "I'm really firmly committed to staying in our lane, and, you know, our lane is the economy", he told the Senate Banking Committee on Tuesday. "I want them to do well". 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.

The U.S. central bank last raised borrowing costs in June, and Fed Chair Jerome Powell on Wednesday repeated his oft-stated view that rates will keep climbing gradually.

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