Trump ratchets up criticism of Fed interest rate rises

US President Donald Trump. – AP

White House aides said Mr Trump was not trying to influence the Fed, the nation's central bank, but added he would prefer if officials paused their plans for rate increases to avoid dampening economic growth.

His remarks to CNBC were not the first time that Trump has departed from a long-standing practice of USA presidents steering clear of commenting on Fed policy and the value of the dollar. The U.S. exported $130 billion worth of goods to China.

Trump had already criticized the Fed's interest rate policy in an interview on CNBC on Thursday, saying he was concerned higher rates could impact the USA economy.

The U.S. imported $505 billion in Chinese goods in 2017, while China imported $130 billion in American products, according to the Commerce Department. The administration has slapped tariffs on $34 billion in Chinese goods to date and China has retaliated with duties on soybeans and pork.

Former Dallas Fed president Richard Fisher told CNBC that Trump was off course. Higher auto prices for American consumers would inevitably follow.

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The US-China spat is the largest and broadest of several trade fights picked by Trump. Nevertheless, China could take other actions in a trade war with the United States.

It wasn't the first time in history the Fed has faced pressure from a US president. "He's been saying since the '80s that trade deals are bad and we should have more tariffs, and that's what we're getting".

Benchmark 10-year USA notes last fell 14/32 in price to yield 2.8968 percent, from 2.847 percent late on Thursday. It expects that 700,000 jobs would be lost. USA stocks sank in early trading before rebounding.

The International Monetary Fund warned earlier this week that escalating trade tensions are threatening to derail a global upswing. On Friday, the Dow Jones industrial closed down slightly.

Trump said Chinese officials, whom he did not identify, told him that nobody from past USA administrations would ever complain about trade relations between the two countries until he came into office.

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In the interview, which was recorded Thursday, Trump also indicated his willingness to endure stock market volatility as he pursues an aggressive trade agenda with China.

But many analysts are skeptical that Trump's tactics will produce such an outcome. Given Trump's recent Fed picks, this doesn't appear to be the case.

"That isn't how trade negotiations work", Yerxa said. European Union officials are readying a list of retaliatory tariffs that would be applied in response. "I really like President Xi [Jinping] a lot, but it was very unfair", he said.

Fed Chairman Jerome Powell, who Trump named to lead the USA central bank, said earlier this month he was not concerned about pressure from US politicians. In a taped interview with the business channel CNBC, Trump said "I'm willing to go to 500", referring roughly to the $505.5 in goods imported previous year from China.

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