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Trump Blasts Draghi, China for Weak Currencies to Gain Edge

EconomyJun 18, 2019 07:30AM ET
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© Reuters. Trump Blasts Draghi, China for Weak Currencies to Gain Edge

(Bloomberg) -- U.S. President Donald Trump accused the euro area and China of weakening their currencies to gain an economic advantage, calling out the European Central Bank president for a willingness to inject monetary stimulus just as Federal Reserve officials prepared to meet in Washington.

“Mario Draghi just announced more stimulus could come, which immediately dropped the euro against the dollar, making it unfairly easier for them to compete against the USA,” Trump tweeted Tuesday. “They have been getting away with this for years, along with China and others.”

Trump’s Twitter post came hours before the Federal Open Market Committee is scheduled to start a two-day policy meeting and not long after Draghi said at the institution’s annual forum in Sintra, Portugal, that “additional stimulus will be required” if the economic outlook doesn’t improve.

The euro fell on the comments and was down 0.2% to $1.1195 as of 12:20 p.m. in London.

While Trump didn’t mention the Fed in his latest tweet, the U.S. central bank has been a target of his wrath for a year because he views the Fed’s policy rate as too high.

While no rate move is expected as Fed policy makers gather Tuesday and Wednesday, economists and investors generally agree it will cut borrowing costs this year. The last two times the Fed began an easing cycle, in 2001 and 2007, it opted for a half percentage-point move over a quarter point adjustment.

Trump’s allegation that China and the euro area are actively aiming for weaker exchange rates against the dollar could prove a theme at next week’s meeting of Group of 20 leaders in Japan.

Trump Blasts Draghi, China for Weak Currencies to Gain Edge
 

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