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Enraged Trump likens Fed chief to 'enemy' China

EconomyAug 23, 2019 12:26PM ET
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© Reuters. FILE PHOTO: U.S. President Donald Trump speaks at the AMVETS (American Veterans) National Convention in Louisville

By Doina Chiacu

WASHINGTON (Reuters) - President Donald Trump reacted furiously on Friday after Federal Reserve Chair Jerome Powell linked the trade war with China to risks to the U.S. economy, asking whether the man he handpicked to run the U.S. central bank was a greater "enemy" than Chinese leader Xi Jinping.

"As usual, the Fed did NOTHING! It is incredible that they can 'speak' without knowing or asking what I am doing, which will be announced shortly," Trump wrote on Twitter. "We have a very strong dollar and a very weak Fed. I will work 'brilliantly' with both, and the U.S. will do great."

"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?"

It was unclear what Trump meant when he said he would work "brilliantly" with both, and the White House did not immediately respond to a request for comment. Trump has repeatedly accused the Fed of keeping monetary policy too tight, which he says has boosted the value of the dollar and undercut economic growth.

The president said in a subsequent Twitter post that he would respond later on Friday to China's announcement on Friday that it would impose additional tariffs on U.S. products, the latest salvo in the U.S.-China trade war.

Trump has been pressuring the Fed to lower interest rates aggressively, arguing that the dollar's strength is undermining the competitiveness of U.S. manufacturers.

With some signs of growing recession risks in the United States, Trump administration officials have discussed actions to prevent a downturn before the November 2020 presidential election, according to media reports.

Those have included the imposition of a currency transaction tax to weaken the dollar and a rotation of Fed governors to try to undercut Powell's influence, the Washington Post reported, moves that would likely require congressional action.

Powell, in a speech earlier on Friday, stopped short of committing to further rate cuts. He characterized the U.S. economy as in a "favorable place" but facing "significant" risks, especially from what Fed officials have described as the harmful effects of the White House's trade war with China.

Before Powell spoke, a senior Trump adviser urged the Fed chief to lower rates. "America, we have your back. That's all he has to say," White House trade adviser Peter Navarro said in an interview with Fox Business Network.

Enraged Trump likens Fed chief to 'enemy' China
 

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Comments (5)
Tom OKray
Tom OKray Aug 23, 2019 3:40PM ET
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Trumps enraged more by death of Kock and the campaign money flow stopping so he attacks anything else to cover his true feelings. Classic narcicist.
Karin KH
Karin KH Aug 23, 2019 2:43PM ET
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Guys, DT is so old, his brain/mind. every old parts of his is corrupted
Matthew NT
MatthewBT Aug 23, 2019 12:56PM ET
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Danish prime minister Frederiksen is right... Trump is absurd!
Jan Buyle
Jan Buyle Aug 23, 2019 12:36PM ET
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Sad for Trump, and despite his dictatotial leadership style, the FED is independend. And that is a very very good thing!
David David
David9 Aug 23, 2019 12:34PM ET
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I told you guys ... I thought Trump said President Xi is his ftiend, now his enemy?
 
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