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Dollar drops further on Trump's comments on currency, rate hike

21 July 2018

The reference is to the dollar amount of Chinese imports the US accepted in 2017 - $505.5 billion to be exact, compared to the $129.9 billion the USA exported to China, according to Census Bureau data. During the interview, Trump himself predicted the response: "Now I'm just saying the same thing that I would have said as a private citizen", he said.

"They're picking the wrong customer, I'll tell you that - you know how intense he is on this issue", he said, adding: "Xi seems to think if he waits out the November elections, Trump will be weakened and therefore will lighten the bite".

President Donald Trump said on Thursday that he's "not thrilled" with the Federal Reserve for raising interest rates.

Mr Trump has said before that he favours low interest rates, and dismissed concerns about his interference.

Feroli also noted that the easiest way for Trump to bend the Fed to his political will would be to fill the Federal Reserve Board of Governors with members that agreed with a low interest rate policy or were personally connected to the president.

"The US should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals", Trump said on Twitter. "In light of the European Union and others saying they are ready to respond to tariffs on cars, the stakes are rising fast". "As usual, not a level playing field".

Wilson said: "Whether we get to the point where there is a full-blown trade war remains debatable, but the odds are shortening by the day".

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.

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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.

"Tightening now hurts all that we have done".

So, even Trump's staffers had to admit that he was getting a little Trumpy with his comments on the Fed.

Trump's rebuke broke with more than two decades of White House tradition of avoiding comments on monetary policy out of respect for the independence of the United States central bank. CNBC calls the rebuke "stinging and historically rare criticism", noting that presidents typically don't intercede with Fed affairs.

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.

"I'm not happy about it".

Trump's comments came shortly after CNBC aired an interview with the president in which he bashed the Fed's planned rate hikes.