Trump says China, EU "manipulating their currencies" -- and USA dollar hit

US Dollar Sinks as President Trump Hits Fed on Hikes

US President Donald Trump says he is ready to intensify his trade war with China by slapping tariffs on all $500bn of imports from the country.

"I'm ready to go to 500", Trump said in an interview with CNBC's Joe Kernen that aired Friday morning.

"Now I'm just saying the same thing that I would have said as a private citizen", he said.

"Our Chinese partners have told us they are hopeful that this gets resolved in a reasonable period of time, and that they want to resume normal trading, but their hands are tied too", Kimberley said.

Still, President Trump voiced concern that the higher rates and a stronger dollar may put the USA at a disadvantage while Fed counterparts in the Bank of Japan and the European Central Bank keep rates low, maintaining loose monetary policy.

The Fed has raised interest rates twice in 2018, and is expected to issue at least two more rate hikes before the end of the year.

The president's remarks on China and the European Union run counter to a semi-annual report from the Treasury Department in April that abstained from identifying any nation as a currency manipulator.

"The US should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals", Trump said on Twitter. They put on massive Tariffs and Barriers. Trump has already imposed tariffs on $34 billion in Chinese goods, and Beijing has retaliated with tariffs on an equal amount of American exports.

Trump has been threatening to levy tariffs on European vehicle manufacturers in a bid to force more production into the US.

In the tense trade war with the United States, China's government has turned to an unlikely weapon: a cartoon bean.

"Donald Trump will be the president until at least January, 2021". "As usual, not a level playing field", the president tweeted.

In an apparent reference to Fed rate increases, Trump tweeted: "Tightening now hurts all that we have done".

Trump's comments will make life hard for both the Treasury and the Fed, said Tony Fratto, former White House deputy press secretary under George W. Bush and founder of Hamilton Place Strategies in Washington. 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.

The Reserve has hiked interest rates five times since Mr Trump took office at the start of 2017.

Trump has threatened to slap a 25% tariff on imported cars and components, with a commerce department review underway to establish whether this is justified on national security grounds.

"I'm not happy about it".

In excerpts of the interview released yesterda, y Trump had broken with the long-established executive branch practice of not commenting on the Federal Reserve's decisions out of respect for its independence.

Related:

Comments

Latest news

Trump, Putin promise a fresh start to troubled relations
I think that the United States has now stepped forward along with Russian Federation", he added. William Keating said it was impossible to distinguish Trump's words from Russian propaganda.

Elon Musk in trouble over controversial tweets | CMO Strategy
Mr O'Donnell said Mr Musk has fallen into a "hero worship persona" but has failed to live up to the responsibility that implies. Musk has a history of piquing influencers in Tesla's community, including auto analysts and journalists .

N. Korea’s Kim lambasts officials during ‘field guidance’ visits
North Korean officials skipped a planned meeting with USA officials over the war remains last week, citing lack of preparations. USA and North Korean officials were supposed to meet at the DMZ for negotiations Thursday, but the North Koreans never showed.

Trump, Putin content with summit despite lack of concrete results
Not only that, he stood there while Vladimir Putin said let's work together on cyber security - insert laughter here. Daniel Coats was tapped by the president previous year to serve as director of national intelligence.

Other news