Trump criticizes Federal Reserve over interest rate hikes

US President Donald Trump also says he's prepared to impose U.S. tariffs on all Chinese imports

The reference is to the dollar amount of Chinese imports the USA accepted in 2017 - $505.5 billion to be exact, compared to the $129.9 billion the US exported to China, according to Census Bureau data.

But Trump - in a tit-for-tat tariff war with the EU, China, Mexico and Canada - said he was anxious that the timing put the U.S. at a "disadvantage" while the European Central Bank and the Bank of Japan maintain loose monetary policy, the network reported. "I'm ready to go to 500".

On Thursday, the European Union said it was developing plans to hit back at the U.S. if it attempted to place import tariffs on cars, something Trump has repeatedly threatened to do.

In a taped interview with the business channel CNBC, Trump said "I'm willing to go to 500", referring roughly to the $505.5 billion in goods imported a year ago from China, the New York Times reported.

"I really only see this as a short-term effect", said Issa. But JPMorgan economist Michael Feroli advanced an interesting alternate theory: Trump's comments may inspire the Fed to go the other direction.

Mr Trump argued that higher rates put the U.S. at a disadvantage and impede faster growth.

It marks the latest twist in an escalating trade war with countries the president accuses of trading unfairly, raising the prospect that the conflict could also morph into a currency spat.

Still, new tariffs could help Trump's Republican party going into November's congressional elections.

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In the full CNBC interview, Trump reiterated his claim that the United States is "being taken advantage of" on issues including trade policy. "The structure is already created to put a big committee together and try to get a lot of analysis behind these decisions", he said. Although it is part of the US government, the Fed is considered to be independent, keeping it free from political pressure. Mr Mnuchin has faced criticism from global counterparts about the United States talking about currencies before.

Kernen asked the president whether he would implement tariffs on all Chinese goods imported to the U.S.

Even though the dollar does tend to react sharply to Trump's words in the short term, analysts say there appears to be limited lasting impact and they do not expect that to change.

The comments, plus Trump's criticism of Federal Reserve interest rate hikes, had sent the dollar tumbling against a basket of currencies.

Mr Trump's comments that China and the European Union are manipulating currencies contradict a Treasury Department semi-annual report released in April that refrained from naming any country a currency manipulator based on specific criteria.

President Donald Trump told CNBC during an interview on Thursday that he does not agree with the Federal Reserve's interest rate increases this year after Chairman Jerome Powell took over for Janet Yellen earlier this year. In the CNBC interview, Mr Trump called Powell a "very good man".

United States stock index futures, already down on trade worries, fell further after the interview. Earlier this year, he used national security as a justification for taxing imported steel and aluminum.

So far, Washington imposed $34 billion worth of tariffs on China, with $16 billion to come at a later point, and also said it would assess 10 percent tariffs on an additional $200 billion worth Chinese goods.

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