Donald Trump accuses China, EU of currency manipulation, blasts Fed

Trump Slams Interest Rate Hikes, Ignoring Hands-Off Tradition Toward Fed

A booming U.S. economy is strengthening the USA dollar against other currencies, and Mr Trump's tariffs are prompting some countries, like China, to take steps to protect their exporters.

In a Friday tweet the president laments rising USA interest rates, a day after he cast aside concerns about the Federal Reserve's independence to say he was unhappy with the central bank's recent actions.

After the interview, Trump reiterated criticism of the Federal Reserve's planned interest-rate hikes, posting on Twitter that the tightening policy would diminish any USA trade advantage and exacerbate losses from "BAD trade deals".

"As usual, not a level playing field", Mr. Trump wrote.

The US, which is now doing well, should preserve its right to recover what was lost through such practices as illegal currency manipulation and trade deals that were not profitable for the US, the president tweeted. "I want them to do well", the United States president said of China.

Trump told CNBC that he's "not thrilled" with Fed Chairman Jerome Powell, who he appointed, over the central bank's rate hikes. I don't really - I am not happy about it.

Last year, Trump said in an interview with the Wall Street Journal that he does favor a low interest rate policy, though ahead of the 2016 election suggested that the Fed was keeping rates low in an effort to help then-President Barack Obama.

His allegations that China and the European Union are manipulating currencies are at odds with a Treasury Department report released in April that did not name any country as a currency manipulator.

Later in the day a White House spokeswoman said the president "respects the independence of the Fed". Yields on Treasuries climbed the most since May as Trump reiterated that he's unhappy with the Federal Reserve tightening after the administration has worked so hard to grow the economy. Now, I'm just saying the same thing that I would have said as a private citizen.

"We have a long tradition here of conducting policy in a particular way, and that way is independent of all political concerns", Powell said in a radio interview last week with "Marketplace".

The dollar index .DXY , a measure of its value against a basket of six major currencies, was on track to post its largest one-day loss in three weeks. "His intention is not to in any way put pressure on the Fed", the Treasury Secretary said, referring to the US central bank.

During the 2016 campaign, Trump said she should be "ashamed of herself" for creating a "false stock market" with low rates.

Most economists believe the current economic climate, with the nation's unemployment at historic lows and inflation at the Fed's 2 percent target, justify recent interest rate rises and a strong USA dollar. Fed officials have penciled in two more hikes this year.

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