Trump rips Fed again for hiking interest rates

US Dollar Sinks as President Trump Hits Fed on Hikes

President Donald Trump suggested in a television interview broadcast Friday that he would be willing to impose tariffs on all Chinese goods imported by the United States, escalating his rhetoric in a trade war that has rattled both nations.

Speaking with CNBC Friday morning, Trump said "I'm ready to go to 500", referring to the $505.5 billion in Chinese imports the US took in a year ago.

Trump says: "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".

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

"The Fed should be independent but that independence does not mean that is an institution outside of the government of the United States", said Mark Grant, managing director at money managing firm B. Riley FBR Inc.

During a series of morning tweets Friday, Trump sought to reassure farmers anxious about his trade policies, saying he was aiming to fix a long-term downward trend in prices.

US President Donald Trump's extraordinary broadside against the Federal Reserve on Thursday (July 19) may end up getting him exactly what he doesn't want: higher interest rates. The Fed has been carefully and gradually raising rates over the past several years to keep inflation in check and to prevent the economy from overheating.

Last month, the Fed raised its benchmark rate for a second time this year and projected two more increases in 2018.

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"I don't necessarily agree with it, because he's raising interest rates ..." "I really like President Xi (Jinping) a lot. I want them to do well", he said.

But Trump launched his attack first on Thursday during an interview with CNBC and continued on Friday on Twitter.

Despite this, Trump said that the Fed should keep rates low so the US economy could make up lost ground to China.

Mr Trump also tweeted that China and the European Union were manipulating their currencies, creating an uneven playing field.

In congressional testimony this week, though, he expressed concern about Trump's confrontational trade policies.

Later, the White House said in a statement that Trump respects the Fed's independence and was not interfering with its policy decisions. It slipped Friday against the Chinese currency and was expected to extend its steady decline, providing Beijing with a buffer against punitive USA trade tariffs.

"No matter what the elections are, he's not going to let go of this issue", Kudlow said.

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