Finance

Trump Blasts Fed Rate Hikes, Says Strong Dollar Hurts US

Trump Blasts Fed Rate Hikes, Says Strong Dollar Hurts US

The outbursts were another crosswind for Wall Street, which struggled to find direction and finished the day a hair's breadth in negative territory.

President Donald Trump accused China and the European Union of manipulating their currencies lower to make their goods and services less expensive to foreign buyers and again knocked the Federal Reserve for increasing interest rates in the USA, saying all undercut the nation's "competitive edge".

Trump's remarks immediately raised questions about Trump's commitment to the Fed's political independence, a key pillar of the central bank's function. Chinese Commerce Ministry spokesman Gao Feng last week called those accusations "groundless" and said that the US trade penalties contravene rules at the World Trade Organization.

Around $505 billion of Chinese goods came into the U.S. in 2017, leading to a trade deficit of almost $376 billion, United States government data shows.

"I'm ready to go to 500", he said in an interview with the CNBC channel. Longer-dated government bond yields rose on the day, with the 30-year bond crossing 3 percent for the first time since June 26.

Earlier this month, the United States imposed tariffs on $34 billion of Chinese imports.

Washington also is now targeting another $200 billion in imports which see fresh tariffs imposed as soon as September.

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.

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

The latest attack by Trump comes amid escalating trade disputes between the USA and its trading partners.

However, most economists warn that the imposition of import tariffs could disrupt global manufacturing supply chains, raise input costs and raise prices for consumers, leading to slower economic growth. "I'm not thrilled", he said.

"We're down a tremendous amount", Trump said in an interview about trade imbalances with China on CNBC television broadcast on Friday. "We have been ripped off by China for a long time", he said.

"We don't like what you're doing", Trump said officials told him.

US central bankers project two more interest rate increases this year and another three in 2019.

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

"I would have a higher stock market right now". If the last one sounds far-fetched, it's important to remember the truism "free trade stops wars"-that is, you're less likely to attack another country if that country is also your customer".

There's a risk the dollar "de-couples from interest-rate differentials as investors come to terms with the White House's mercantilist USA -dollar policy", Mr Patel said.


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