Trump rips Fed again for hiking interest rates

Trump rips Fed again for hiking interest rates

Trump rips Fed again for hiking interest rates

The chance inflation might accelerate has increased after the massive tax cut Trump championed previous year, which has raised the United States debt and budget deficit.

"But [the administration of US President Donald Trump] is a different kind of administration, that is not conventional, and so people are biding their time". 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.

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.

In a taped interview with the business channel CNBC, Trump said "I'm willing to go to 500", referring roughly to the $505.5 billion in goods imported past year from China.

Economists say the biggest risk to America's economic growth are Trump's own policies, especially his imposition of import tariffs on China and Europe as well as allies like Mexico and Canada. The two countries have also targeted an additional $16 billion of each other's goods for an expected second round of tariffs.

China, which imports 60 per cent of the soybeans traded worldwide, bought 32.9 million tonnes from the USA past year, accounting for 34 per cent of total purchases. But in the CNBC interview, the president said he was seeking to do only what's fair. "I want them to do well". But at the same time I'm letting them do what they feel is best, ' Trump said.

"So somebody would say, 'Oh, maybe you shouldn't say that as president.' I couldn't care less what they say because my views haven't changed", he said.

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The US-China spat is the largest and broadest of several trade fights picked by Trump.

The Fed is led by chairman Jerome Powell, who was hand-picked by Trump in February to succeed Janet Yellen for a four-year term.

"I'm not thrilled", he said.

"We're down a tremendous amount", Trump said in an interview about trade imbalances with China on CNBC broadcast on Friday. Trump complained that China's currency is "dropping like a rock".

The euro, yen and yuan gained against the USA dollar right after the president took to social media on Friday morning, while the dollar index, which measures the US currency against global currencies, was lately off 0.6 percent.

Along with pressing Chinese leaders to shrink the deficit, Trump's administration has accused China of engaging in unfair trade practices by forcing American investors to turn over technologies to Chinese firms.

The US dollar, meanwhile, continued its decline against the euro and pound.

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