Donald Trump 'ready' to impose tariffs on all Chinese goods

US Dollar Sinks as President Trump Hits Fed on Hikes

President Donald Trump upended almost three decades of presidential precedent by commenting on the Federal Reserve's interest rate policy on Thursday, but at least one economist thinks the president's remarks could come back to bite him.

Trump told CNBC that he was "not thrilled" with the Fed over rate hikes. "We have been ripped off by China for a long time".

"They're picking the wrong customer, I'll tell you that - you know how intense he is on this issue", he said, adding: "Xi seems to think if he waits out the November elections, Trump will be weakened and therefore will lighten the bite". It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Powell told lawmakers that "for now - the best way forward is to keep gradually raising the federal funds rate". The Fed has raised interest rates five times since Trump took office in January 2017. "I want them to do well".

Because it is longstanding policy for the Fed to be independent, presidents in the past have been hesitant to comment on its decisions.

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

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

The stock market, which usually favors cheap money and reacts negatively to rate hikes, fell, as did Treasury yields and the dollar in response to the president's comments, according to CNBC.

‘Ready to go’ with $500 billion in tariffs on China
Global markets are falling late on Friday morning after US President Donald Trump threatened to levy new tariffs on more than $500 billion of goods from China .

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Mr Trump also suggested that higher interest rates left the United States at a disadvantage when compared to the European Union, China and Japan, allowing their currencies to weaken as the U.S. dollar strengthens.

The president acknowledged that his comments about the Fed would likely raise concerns.

But his comments raised alarms, including with some former Fed officials who saw in his remarks a possible effort to apply public pressure on the central bank. In emerging markets such as Turkey, the government of President Recep Tayyip Erdogan has felt no such restraint.

China imports far less from the USA, buying about US$130 billion in American goods past year, so it doesn't have as much to leverage with tariffs, but it could use other measures to hit trade such as tightening regulatory oversight. Rubin argued for that policy to be maintained in a New York Times op-ed piece previous year when the White House was mulling the choice of Yellen's successor.

The last known example of USA presidential strong-arming came when George H W Bush was fighting for re-election.

George H.W. Bush's administration complained that he felt the Fed's failure to cut rates more quickly in 1992 contributed to his re-election defeat that year.

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