Trump gripes about Fed in rare rebuke by sitting president
- Author: David Armstrong Jul 23, 2018,
Jul 23, 2018, 7:06
"I'm ready to go to 500", Trump said during an interview on CNBC, referring to the dollar amount of Chinese imports to the United States a year ago, $505.5 billion. "He doesn't want to move, and they've offered the U.S. absolutely.no options regarding the issue of (intellectual property) theft and forced technology transfer", Kudlow said in an interview with the news outlet.
"I can assure because I've spoken to the president. I'm doing this to do the right thing for our country", Trump said in a CNBC interview aired today.
Trump said in an interview with CNBC on Thursday that a strong dollar puts the United States at a disadvantage, adding that the Chinese yuan "was dropping like a rock".
The Fed has raised interest rates five times since Trump took office in January 2017, with two of those coming this year under Chairman Jerome Powell, the president's pick to replace Janet Yellen. The U.S. exported $130 billion worth of goods to China. "So somebody would say, 'Oh, maybe you shouldn't say that as president". Chinese Commerce Ministry spokesman Gao Feng last week called those accusations "groundless" and said that the USA trade penalties contravene rules at the World Trade Organization.
In the same interview, taped Thursday at the White House, Trump broke with a long-standing tradition at the White House and voiced displeasure about recent actions at the U.S. Federal Reserve.
The threat to place tariffs on all Chinese goods sent to the United States would effectively end the tit-for-tat trade battle between the two nations, as Chinese imports from the USA are a comparatively small $US129.9 billion.
Currency markets, however, reacted sharply to the president's Fed criticism. In particular, the Fed's most recent rate hikes could dilute some of the benefit of the tax cuts Trump signed into law previous year.
"He's not putting any pressure on them", the aide said, adding that the president realizes that Powell and several others are his appointees.
"China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S.is raising rates while the dollars gets stronger and stronger with each passing day taking away our big competitive edge".
Put another way: The best way for the Fed to assert its independence is to do exactly the opposite of what Trump suggested.
So Clinton said that the Fed's independence was one of the things that actually made the US economy look strong, according to Low. In June, the nation's central bank raised rates for the seventh time since December 2015, in a move created to slowly cool the economy. "We are being taken advantage of and I don't like it".
Slams Federal Reserve's decision to hike interest rates.
An administration official said Friday that Mr. Trump was expressing in public what he has said in private for some time and that the president was neither trying to interfere with the Fed nor escalate his attacks.