Trump Fed critique sends dollar lower

Posted July 21, 2018

Shipping containers, including those of China Shipping, a shipping conglomerate under direct administration of China'a State Council, await transportation on a rail line at the Port of Long Beach on July 12, 2018 in Long Beach, California.

He added: "As usual, not a level playing field".

In the full interview released today, Trump reiterated his claim that the United States is "being taken advantage of" on issues including trade policy.

He said the Fed's course of tightening monetary policy "now hurts all that we have done". The US should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals. I don't necessarily agree with it because he's raising interest rates, I'm not saying I agree with it, and I don't necessarily agree with it, I must tell you I don't.

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

"Trump wants to win over more voters by starting a trade war", the cartoon says.

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But current and former Fed officials didn't sound overly concerned about the commander-in-chief's perspective.

Because he hasn't done enough this week, Donald Trump sat down with angry leprechaun in human disguise Joe Kernen, and broke with the respected tradition of the White House staying out of The Federal Reserve's beeswax.

"One of the hallmarks of our great American economy is preserving the independence of the Federal Reserve".

"If the administration continues forward with its misguided and reckless reliance on tariffs, I will work to advance trade legislation to curtail presidential trade authority", Hatch said.

"Were I Chairman Powell, I would ignore the President and do my job and I am confident he will do just that".

A number of factors, including inflation and higher interest rates, could soon counteract the fiscal stimulus, however, and economists say the risk of recession in the coming years is growing.

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Trump told CNBC the hikes could damage America's ongoing economic recovery from the Great Recession.

"We're down a tremendous amount", Mr Trump said in an interview about trade imbalances with China on CNBC. I don't really - I'm not happy about it.

"I'm not doing this for politics, I'm doing this to do the right thing for our country", Trump said on CNBC.

"So somebody would say, 'Oh, maybe you shouldn't say that as president". I want them to do well.

But, with unemployment at historic lows and inflation on the rise, Powell has said the United States economy is strong enough to weather the interest rate increases.

After weeks of apparently fruitless negotiations, the United States early this month imposed 25% tariffs on approximately US$34 billion (RM138 billion) of Chinese mechanical and technological products, sparking an immediate response from Beijing, which said it would hit back dollar for dollar.

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