U.S. President Donald Trump on Friday said he was ready to impose tariffs on all $500 billion of imported goods from China, threatening to escalate a clash over trade policy that has unnerved financial markets.
The US, which is now doing well, should preserve its right to recover what was lost through such practices as illegal currency manipulation and trade deals that were not profitable for the US, the president tweeted.
"This is extraordinary to see Trump go after the Fed like this", said Greg Valliere, chief global strategist at Horizon Investments.
President Donald Trump is predicting that US farmers will emerge victorious from a trade dispute that has hurt soybean prices. Trump said he's willing to hit all imported goods from China with tariffs, sending US markets sliding before the opening bell, Friday.
The dollar index fell 0.59 percent, with the euro up 0.57 percent to $1.1707.
Representatives for the Fed could not immediately be reached for comment. Chinese imports from the USA totaled $205 billion in the first five months of 2018, with the deficit reaching $152 billion. Now, I'm just saying the same thing that I would have said as a private citizen.
Donald Trump has threatened to hit all imports from China with high tariffs. Earlier this year, he invoked national security as a justification for taxing imported steel and aluminum.
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Fed Chairman Jerome Powell, who Trump named to lead the USA central bank, said earlier this month he was not concerned about pressure from US politicians.
Mr Trump is breaking with decades of tradition that presidents avoid commenting directly on the dollar or the path of USA monetary policy. In the CNBC interview, Mr Trump called Powell a "very good man".
Trump has ordered Commerce to investigate whether auto imports pose a threat to U.S.
"The US should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals", Trump said on Twitter.
"Tightening now hurts all that we have done", Trump tweeted. "Debt coming due & we are raising rates - Really?", he asked rhetorically. The Fed, concerned about too rapid an expansion that is fueled in part by the enormous fiscal stimulus ushered in by the White House, is slowly raising rates to keep the economy from overheating.
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.
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