In a pair of tweets, Trump said China, the European Union and others had been "manipulating their currencies and interest rates lower" while the U.S. dollar strengthened, eroding "our big competitive edge".
The U.S. president took his second shot in as many days at the man he hand-picked to run his central bank on Friday, saying the Federal Reserve's current plan to raise interest rates will "hurt" his administration and "penalize" the economy.
Trump reiterated threats to impose tariffs on almost all Chinese imports to the United States in a CNBC interview broadcasted on Friday.
"I don't like all of this work that we're putting into the economy and then I see rates going up", Trump said in an interview with CNBC.
The harsh comments took fresh aim at pillars of the worldwide economic system and underscored Trump's break with long-established norms by again openly rebuking the Federal Reserve for raising interest rates. So the Fed's rate hikes have lit a fire under the US dollar, something which tends to widen the country's trade deficit as foreign countries with weaker currencies become much cheaper to import from.
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The White House in June already threatened to extend punishing USA duties progressively to up to $450 billion in Chinese imports. "We have been ripped off by China for a long time", he said. "Debt coming due & we are raising rates - Really?"
"Instead of making their exports better, they make them cheaper", The Balance says.
Testifying before Congress on Tuesday, Powell cited "robust job gains" and an overall "solid pace of growth" as reasons for recent and future rate hikes.
After Trump's interview with CNBC was made public, Lindsay Walters, a White House spokeswoman, said the president "respects the independence of the Fed".
Trump's dismissal of economic-policy tenets shifts attention during a week when he's facing growing pressure over his relationship with Russian President Vladimir Putin and his lukewarm support for the finding by US intelligence agencies that Russia meddled in the 2016 election.
Asked if he would do it even at a cost of a stock market drop, he said: "If it does it does".
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Trump told CNBC that he was "not thrilled" with the Fed over rate hikes.
"And the reason it was brilliant is he was looking back at President Bush and President Reagan - both of whom had publicly grumbled about the Fed raising rates", Low noted.
Powell has said he believes the economy is strong enough for the Fed to continue normalizing rates, which were held at a historically low level during the recovery.
European auto shares.SXAP, sensitive to trade tensions as US officials work towards slapping tariffs on vehicle imports, fell 2.1 percent.
Trump said shortly after his first meeting with Chinese President Xi Jinping in 2017 that the country had stopped manipulating its currency because of his election.
"So somebody would say, 'Oh, maybe you shouldn't say that as president.' I couldn't care less what they say, because my views haven't changed".
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