In Rare Move for a President, Trump Criticizes Fed


They also signaled an undiminished appetite for battle on multiple fronts after a week dominated by coverage of the fallout from his dealings with Russian President Vladimir Putin.

After the interview, Trump reiterated criticism of planned interest-rate hikes by the Federal Reserve, saying in a Twitter post that tightening policy would diminish any USA advantage in trade and exacerbate losses from "BAD trade deals".

Trump nominated current Fed Chair Powell, who had served as a governor on the board of the USA central bank, to serve at its helm after Janet Yellen's retirement in February.

American presidents have rarely criticized the US central bank in recent decades because the independence of the Fed is seen as important for economic stability.

The chance inflation might accelerate has increased after the massive tax cut Trump championed, which has raised the U.S. debt and budget deficit.

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

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

The US$500 billion would be roughly the value of Chinese goods imported into the USA past year.

Kernen asked the president whether he would implement tariffs on all Chinese goods imported to the U.S.

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

Donald Trump has threatened to hit all imports from China with high tariffs.

Earlier this month, the United States imposed tariffs on US$34 billion of Chinese imports. "I want them to do well", Trump said. "And I don't think there's anybody that really can say they're making a lot of money at these prices, if any". "But it was very unfair".

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The US economy has so far proven resilient to Mr Trump's threat of taking a trade conflict to the next level.

On Thursday, Trump said he is "not thrilled" about Fed interest rate hikes. "We have been ripped off by China for a long time", he said.

Mr Trump argued that higher rates put the USA at a disadvantage and impede faster growth.

The Fed has hiked interest rates five times since Mr. Trump took office, with the last two increases coming under Chairman Jerome Powell, whom the president picked to replace Janet Yellen.

The dollar index, which measures the greenback against a basket of global currencies, was off almost 0.5 percent before the stock market opened in NY.

According to the US, China uses predatory practices in a push to challenge American technological dominance - and allegedly forces American companies to hand over technology in exchange for access to the Chinese market.

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The US dollar weakened against the euro, yen and yuan after the president's tweets.