President Trump Slams China, EU For What He Calls 'Illegal Currency Manipulation'

He believes the country should be allowed to re-coop money lost due to what he says is "illegal currency manipulation" and "bad trade deals". And because we live in a reality where logical human behavior reigns supreme, the president has remained demure on all Fed-related topics this morning...

Donald Trump escalated economic global tensions on Friday, lashing out a range of targets that included the European Union, the Federal Reserve and China, indicating that he is prepared to raise tariffs on Chinese imports from $34bn to cover the entire $505bn of Chinese imports.

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.

Trump said he is doing this in the national interest.

In an interview with CNBC yesterday, the USA leader also hit out at the Federal Reserve for interest rate hikes, complaining that the U.S. needs a weak dollar.

'Of course the President respects the independence of the Fed.

President Trump looks on as his nominee for Federal Reserve chairman, Jerome Powell, takes to the podium at the White House on November 2.

Although he does not approve with recent hikes, President Trump followed up by saying he put a "very good man in" at the Fed.

"Because we go up and every time you go up they want to raise rates again". But in the CNBC interview, the president said he was seeking to do only what's fair. "But at the same time I'm letting them do what they feel is best", he said.

"I'm ready to go to 500".

The economy has continued to grow since Trump took office, with unemployment rates down, growth rising and the stock market up - though it closed down about 135 points on Thursday.

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Trump's remarks immediately raised questions about Trump's commitment to the Fed's political independence, a key pillar of the central bank's function. Powell has said the economy is strong enough for the Fed to keep raising rates gradually.

Powell added that "no one in the administration has said anything to me that really gives me concern on this front".

The view that China and the euro area are manipulating their currencies contradicts the Treasury's own currency report, which found in April that no major U.S. trade partner is gaming its exchange rate.

His remarks anxious investors already grappling with the impact of a strengthening dollar on corporate results, and key stock indexes on Wall Street dropped at the open on Friday.

Trump has further reshaped the Fed's leadership by appointing its vice chair for regulation and nominating two more Fed governors, both mainstream economists.

Donald Trump said he is "ready to go" with tariffs on an additional $500bn of imports from China.

Trump has taken credit for robust U.S. economic performance since his election and championed December's sweeping tax cuts.

As president, Trump previous year said Yellen had "done a good job" and said he liked that she's "historically been a low-interest-rate person". Its rate hikes are meant to prevent the economy from overheating and igniting high inflation.

Responding to the president's latest comments, the White House economic adviser Larry Kudlow told the news website Axios that provoking Trump would be a mistake for China. "It could be 80 percent (since the election) if I didn't want to do this", said the president.

"There's no negotiating going on that I can see", Dollar said.

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