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Treasury Secretary: Trump not threatening Fed's independence

Treasury Secretary: Trump not threatening Fed's independence

While financial markets seemed to shrug off Mr Trump's initial comments on the Federal Reserve, which came Thursday, his Twitter posts on Friday - all of which seemed aimed at pushing the dollar lower - drew a reaction.

The comments also signaled an undiminished appetite for battle on multiple fronts after a week dominated by coverage of the fallout from his dealings with Russian President Vladimir Putin.

President Donald Trump accused China and the European Union of manipulating their currencies lower to make their goods and services less expensive to foreign buyers and again knocked the Federal Reserve for increasing interest rates in the US, saying all undercut the nation's "competitive edge".

President Donald Trump is no fan of the Federal Reserve's current monetary policy.

The chance inflation might accelerate has increased after the massive tax cut Trump championed, which has raised the USA debt and budget deficit. "He was being asked - pestered really - about a series of Fed rate hikes", Low said.

After weeks of unproductive parleys, the U.S. early in July slapped 25 percent tariffs on about $ 34 billion of Chinese mechanical and technological products - evoking a swift response from China which said it would hit back equally.

"I'm ready to go to 500", he told the CNBC network in an exclusive interview. Longer-dated government bond yields rose on the day, with the 30-year bond crossing 3 percent for the first time since June 26. Trump has already imposed tariffs on $34 billion in Chinese goods, and Beijing has retaliated with tariffs on an equal amount of American exports.

Trump warned in July that he was ready to impose import tariffs on another $ 300 bn.

The United States imported $505.5 billion of Chinese goods in 2017, but only exported $129.9 billion in goods.

Trump added, referring to the Fed's rate increases: "The United States should not be penalized because we are doing so well".

Speaking about Fed policy in his interview with CNBC, Trump said he is "letting them do what they feel is best". "I guess that has taken people a bit by surprise", he said.

White House economic adviser Larry Kudlow blamed Chinese President Xi Jinping for a lack of progress in bilateral trade talks, saying that lower-ranking officials want a deal.

With trade tensions rising, so is the pushback in the US from private business that see potentially devastating ramifications, not only from China, but from Europe, Canada, and other countries in Asia.

"I'm not thrilled", he said in an interview, according to CNBC. I put a very good man in the Fed. He also once again commented on how the USA is being taken advantage of by China. "The President's views on interest rates are well known and his comments today are a reiteration of those long held positions, and public comments". When US rates go up, American businesses' dollars go further - particularly in China, where the yuan is cheap.

The dollar index, which measures the US currency against a basket of its global peers, fell 0.8 percent, on track for the worst performance in July. "Currency is now part of the trade war folks", said Greg McKenna, chief market strategist at AxiTrader.



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