Trump ups tariff threat, slams Fed, big USA trading partners

Trump Slams Interest Rate Hikes, Ignoring Hands-Off Tradition Toward Fed

U.S. President Donald Trump has indicated that he's willing to hit every product imported from China with tariffs, in another escalation of the trade war.

Friday's tweets from Trump comes after a clip of his interview with CNBC that aired Friday morning was released Thursday afternoon in which the president says he isn't thrilled with the Fed's current policy stance.

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 United States advantage in trade and exacerbate losses from "BAD trade deals".

The United States is now disputing retaliatory tariffs by China, the European Union, Canada, Mexico and Turkey, in response to new USA duties on steel and aluminum. Tightening now hurts all that we have done.

Trump said he was concerned about the potential impact on the USA economy and American corporate competitiveness from rising rates and a stronger dollar. When it came to interest rates, Nixon told his advisers "we'll take inflation if necessary, but we can't take unemployment".

Trump said in an interview with CNBC on Thursday that a strong dollar puts the United States at a disadvantage, adding that the Chinese yuan "was dropping like a rock". I don't really - I'm not happy about it.

"If the administration continues forward with its misguided and reckless reliance on tariffs, I will work to advance trade legislation to curtail presidential trade authority", Hatch said.

His allegations that China and the European Union are manipulating currencies are at odds with a Treasury Department report released in April that did not name any country as a currency manipulator.

Much in the way that people were displeased when he seemed to kowtow to the tyrant running Russian Federation earlier in the week, people were again irked that Trump was attempting to influence the decision making at America's independent central bank.

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The central bank's job is to keep prices stable, including raising interest rates to prevent the economy from overheating and inflation from rising.

The Fed has been set on a slow and steady path of interest rate hikes over the past two years, leading economists to wonder if the central bank could tamp down some of Trump's promised economic growth.

"No president should interfere with the workings of the Fed", he said.

President Donald Trump broke a multi-decade tradition by weighing in on the Federal Reserve's monetary policy.

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

"I'm not doing this for politics, I'm doing this to do the right thing for our country", the president said.

The comments follow his criticism Thursday in an interview in which he called the rate hikes a threat to the US economy.

"I don't think this is indicative of any pending action from the administration that would limit Fed power", said Thomas Simons, money market economist at investment bank Jefferies in NY.

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