US Dollar Sinks as President Trump Hits Fed on Hikes

21 July, 2018, 01:12 | Author: Martin Tyler
  • Trump Slams Interest Rate Hikes, Ignoring Hands-Off Tradition Toward Fed

"Because we go up and every time you go up they want to raise rates again", Trump told CNBC in an interview that aired in full Friday.

On a softer note, Trump added, "I am not happy about it. I want them to do well", he said. This article is strictly for informational purposes only.

Trump had earlier threatened to target up to $550 billion in Chinese products - a figure that exceeds the $524 billion in goods and services China actually shipped to the United States a year ago. Yet he said he has not pushed the tariffs out of any ill will towards China.

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Fed has raised the benchmark lending rates twice this year, after three increases in 2017, and two more rate hikes are expected this year as the central bank removes stimulus from the economy to keep a lid on inflation. Trump has already imposed tariffs on $34 billion in Chinese goods, and Beijing has retaliated with tariffs on an equal amount of American exports.

The President was speaking with CNBC when he was asked if there was any limit on his potential "trade war" with China, saying "We're down $500 billion..."

Trump said he is "not thrilled" about the Fed's recent interest rate hikes. "Debt coming due & we are raising rates - Really?"

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China filed a challenge against the latest round of US tariffs with the World Trade Organization this earlier week. "As usual, not a level playing field", Mr Trump said.

Trump claimed Friday on Twitter that Fed rate hikes would put the a competitive disadvantage to China and the European Union, which he accused of manipulating their currencies and abusing trade laws. "Now any decision that the Fed makes, market participants are going to try to put it in the context of what they know are the president's and the administration's desires". "I'm not doing this for politics", Trump said in an interview with CNBC.

In June, he also broke established protocol as regards to sensitive economic data with a tweet signaling May's strong jobs report ahead of the labor department's own announcement, a move some describe as a blatant misuse of presidential power as such numbers usually have an impact on stock and bond prices.

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"Tightening now hurts all that we have done", Trump continued, calling the Fed's strategy into question, and raising larger concerns over whether he is trying to interfere in the independence of the bank. Most notably, during the Bill Clinton administration, Robert Rubin, first as head of the National Economic Council and later as Treasury Secretary, was to refrain from pressuring the Fed on policy, a precedent that has been followed by the administrations of George W. Bush and Barack Obama.



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