Trump Tells CNBC He's 'Not Thrilled' About Rate Hikes

Trump had earlier threatened to target up to $550 billion in Chinese products - a figure that exceeds the $524 billion in goods and services China actually shipped to the United States past year.

The latest attack by Trump comes amid escalating trade disputes between the U.S. and its trading partners.

Trump admitted his comments were unusual but said he doesn't care, CNBC reported.

"We've been ripped off by China for a long time", he added.

President Donald Trump is indicating that he's ready to hit every product imported from China with tariffs, sending USA markets sliding before the opening bell.

Trump has also targeted steel and aluminum exports from the EU and has threatened to tax European cars sold on the American market.

China's central bank is allowing its tightly controlled currency to drift lower against the dollar, a move that could help Chinese exporters cope with US tariff hikes.

President Trump departs after speaking at a "Pledge to America's Workers" event in the East Room of the White House on Thursday. "I'm doing this to do the right thing for our country", Trump said in a CNBC interview aired Friday.

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"A 25 percent tariff on imported autos and auto parts would only lead to fewer sales, which leads to fewer American jobs", warned Jennifer Adair, a quality team leader at Toyota Motor Manufacturing in Indiana.

But Trump was back at it this morning in a tweet that again slammed the Fed's monetary policy: "Tightening now hurts all that we have done".

Mr Trump said increased rates had resulted in a stronger dollar which put the U.S. at a disadvantage compared with places where central banks are holding interest rates steady.

The Fed hiked interest rates twice this year, and plans to raise them two more times by the end of 2018.

"We think the devaluation is on goal", Carl Weinberg, chief global economist at High Frequency Economics, wrote in a client note regarding China's latest currency change.

"In China their currency is dropping like a rock and our currency is going up, and I have to tell you it puts us at a disadvantage". "He was being asked - pestered really - about a series of Fed rate hikes", Low said. Low interest rates reduce the costs of borrowing money and fuel economic expansion, but risk spurring rampant inflation and financial market bubbles.

Mr. Powell argues that the economy is strong enough to handle higher rates after the rates were kept artificially low to help the recovery from the Great Recession of 2007.

During an interview with CNBC recorded Thursday, Trump said Fed Chair Jerome H. Powell's plan to continue gradually raising short-term rates was undermining the administration's efforts to spur economic growth.

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