Trump ratchets up criticism of Fed interest rate rises

21 July, 2018, 11:10 | Author: Lora Ball
  • Asian markets fall as China US ready for more tariffs

In an interview with US broadcaster CNBC, Trump also accused the European Union of currency manipulation and criticized the US Federal Reserve for it decision to continue raising interest rates.

He also said that higher interest rates will strengthen the U.S. dollar too much, putting the United States at a "disadvantage" while central banks in Europe and Japan keep rates low.

President Donald Trump has threatened tariffs on all Chinese goods imported by the US.

After more than six years of record low interest rates that helped the U.S. economy recover from the 2008 financial crisis, the Fed began to slowly raise rates again in December 2015 and has raised them five times since Trump took office in January 2017.

President Donald Trump is no fan of the Federal Reserve's current monetary policy.

Trump, in posts on Twitter, also lamented the strength of the USA dollar and accused the European Union and China of manipulating their currencies.

Shortly after taking office, Trump withdrew from the Trans-Pacific Partnership (TPP), which he said would steal millions of jobs from Americans, while the North American Free Trade Agreement (NAFTA), signed by Canada, Mexico, and the United States, is now being renegotiated.

President Trump looks on as his nominee for Federal Reserve chairman, Jerome Powell, takes to the podium at the White House on November 2. "I want them to do well", he said.

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In excerpts of an interview with USA television network CNBC aired Thursday, Trump said a strong dollar "puts us at a disadvantage", adding that the Chinese yuan "has been dropping like a rock".

Last month, the Fed raised its benchmark rate for a second time this year and projected two more increases in 2018. Mr Powell, who goes by "Jay", last week told American Public Media's "Marketplace" program that the Fed has "a long tradition here of conducting policy in a particular way, and that way is independent of all political concerns".

The Fed has hiked interest rates twice this year and could jack the rate up twice more before year's end.

Trump supporters eager to get their hands on Trump-themed shirts and hats may have to wait more than they normally would have - and it's all thanks to the president's tariffs.

'Of course the President respects the independence of the Fed. But in the CNBC interview, the president said he was seeking to do only what's fair.

Overnight, the United States president launched a "rare attack on America's central bankers", The Guardian says, revealing that he "wasn't happy with their plans to raise U.S. interest rates". "I have to tell you, it puts us at a disadvantage". Critics lined up this week to urge the administration to reject the tariffs, arguing they would raise vehicle prices, squeeze automakers by increasing the cost of imported components and invite retaliation from trading partners - and allies - like the European Union and Canada.

"I'm willing to go to 500", he said during a taped interview with the business channel CNBC, an escalation he was prepared to makebecause it "was the right thing to do for our country" and because the rise in stocks - the S&P 500 is up 31% since his election - allowed him to pursue a more aggressive trade policy.



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