Trump Says He’s ‘Not Happy About’ Feds Raising Interest Rates

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U.S. President Donald Trump said he's "ready to go" with US$500 billion in new tariffs on Chinese goods imported to the U.S., saying the country has been taken advantage of for too long.

"I'm ready to go to 500", Trump told CNBC's Joe Kernen, suggesting that every Chinese product would be subject to the duties.

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.

Trump has further reshaped the Fed's leadership by appointing its vice chair for regulation and nominating two more Fed governors, both mainstream economists.

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. Still, he was clear on his belief that the move by Jerome Powell, the chairman of the Federal Reserve, would put the U.S.at a disadvantage.

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Beijing can't tax as many US goods - the United States exports far less to China than it imports - but it has other tools.

The dollar held below a one-year high on Friday as the latest comments from U.S. President Donald Trump spurred investors to take profits after a recent rally, while a weakening Chinese yuan capped risk appetite. "As usual, not a level playing field", the president tweeted.

"I don't really - I am not happy about it", Trump said in excerpts released by the network. "I want them to do well", the United States president said of China.

Trump said he was not thrilled the Fed was raising rates.

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 USA dollar strengthens. "In fact, an argument can be made that the President's comments may skew the Committee in a hawkish direction: if a decision is a close call then the appearance of kowtowing to the President may bias them toward raising rates".

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Despite the ratcheting higher of trade tensions, the dollar was poised for a second straight week of gains.

But the president also acknowledged he was aware of the traditions that president's typically allow the Fed to operate independently to ensure the smooth functioning of the world's largest economy.

Trump regularly claims that his policies, especially tax cuts enacted by Congress last December, have created jobs and economic growth.

"No matter what the elections are, he's not going to let go of this issue", Kudlow said.

"Of course the President respects the independence of the Fed", White House spokesperson Lindsay Walters told Business Insider.

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