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Trump rips Fed again for hiking interest rates

President Donald Trump speaks before signing an Executive Order that establishes a National Council for the American Worker during a ceremony in the East Room of the White House, Thursday, July 19, 2018, in Washington.

President Donald Trump on Friday threatened to slap China with $ 500 billion worth of tariffs on import of their products into the US. "As usual, not a level playing field", Trump tweeted.

On Thursday, the White House was forced to release a statement saying "of course" President Trump respects the "independence" of the Federal Reserve after he blasted the Fed's decision to raise interest rates. Its central bank is allowing China's tightly controlled currency to drift lower against the dollar, a move that could help Chinese exporters.

St. Louis Federal Reserve Bank President James Bullard said on Friday the Federal Reserve would remain unaffected by Trump's comments on United States monetary policy.

Donald Trump said he was concerned about the potential impact on the United States economy and American corporate competitiveness from rising rates and a stronger dollar.

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

In a further breach of established protocol, Trump redoubled his recent criticism of the Federal Reserve's decision to steadily raise interest rates this year. With those nations nearly certain to retaliate, the result could be higher prices for Americans, diminished export sales and a weaker US economy by next year.

Trump nominated Powell as Fed chairman past year to replace Janet Yellen.

"I don't want them to be scared", he told CNBC.

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When asked about the stock market possibly falling if the USA imposed duties on such a large amount of goods, Mr Trump told CNBC: "If it does, it does".

Interest rate hikes can suppress investment and the unemployment rate, two metrics Trump and Republicans touted frequently throughout his presidency.

Policymakers around the world go out of their way to maintain the independence of their central banks, because the temptation to use monetary policy as a political tool by elected officials is too great.

More than 70 per cent of Republican and Republican-leaning U.S. adults believe increased tariffs between the United States and its trading partners will be good for the country, according to a Pew Research Centre survey.

President Trump isn't happy with the Federal Reserve-but the fact that he said so is surprising. The Fed is charged with keeping prices stable, often by raising interest rates to prevent the economy from overheating. "He was being asked - pestered really - about a series of Fed rate hikes", Low said. In addition to Trump's comments to CNBC, Larry Kudlow, the president's top economic adviser, also told Fox Business last month he hoped the Fed raised rates "very slowly".

"The Fed has often faced political pressures - from Congress, presidents, Treasury secretaries and innumerable outside groups", said Kroszner, an economics professor at the University of Chicago.

"I don't like all of this work that we're putting into the economy and then I see rates going up", he said.

The tariffs the Trump administration has already imposed on $34 billion in Chinese imports are the outgrowth of a dispute over the predatory practices it says China has deployed to try to supplant America's global supremacy in high technology.

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