President Trump says he's ‘not happy' with interest rate hikes

President Trump says he's ‘not happy' with interest rate hikes

President Donald Trump on Friday launched a fresh attack on American trading partners, saying the European Union and China were manipulating their currencies, and he threatened to hit all imports from China with high tariffs.

The United States imported $505.5 billion of Chinese goods in 2017, but only exported $129.9 billion in goods.

Trump's threat comes as the trade war with China threatens to go into overdrive.

Mr Trump has said before that he favours low interest rates, and dismissed concerns about his interference.

It's always been speculated that the taboo of commenting on USA monetary policy could change under Trump, who slammed the Fed during his election campaign and has demonstrated repeatedly his willingness to flout the conventions and sensibilities of establishment Washington. He accused Beijing of stealing intellectual property, manipulating the yuan, and exposing illegal export subsidy practices.

On Friday, the yuan dipped to a 12-month low of 6.8 to the dollar, off by 7.6 percent since mid-February.

President Donald Trump speaks Thursday before signing an Executive Order that establishes a National Council for the American Worker during a ceremony in the East Room of the White House. China retaliated on the first wave of tariffs by slapping duties on the same dollar amount of USA imports, and Beijing has said it'll fight against any further US actions. Now, I'm just saying the same thing that I would have said as a private citizen.

Trump warned in July that he was ready to impose import tariffs on another $ 300 bn. The president has already angered allies by slapping tariffs on steel and aluminum, and he's considering a widely-criticized move to levy duties on auto-imports.

Earlier, he took a swipe at the Federal Reserve by writing on Twitter that the central bank's tightening monetary policy "hurts all that we have done" in economy.

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.

Although he does not approve with recent hikes, President Trump followed up by saying he put a "very good man in" at the Fed.

Benchmark 10-year US notes last fell 13/32 in price to yield 2.895 percent, from 2.847 percent late on Thursday. "Because we go up, and every time you go up, they want to raise rates again".

When asked about the stock market possibly falling if the United States imposes duties on such a large amount of goods, Trump said: "If it does, it does. Debt coming due & we are raising rates - Really?"

The rate rises, which make borrowing more expensive, are meant to head off uncontrolled price rises as the United States economy expands. The Fed is charged with keeping prices stable, often by raising interest rates to prevent the economy from overheating.

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