Trump says he’s willing to hit all Chinese imports with tariffs

Trump says he’s willing to hit all Chinese imports with tariffs

Analysts said the rise in the US dollar this year was due in part to the president's growth-oriented policies, which have bolstered the Federal Reserve's case for raising rates. The main concern is that the central bank will not have enough room to cut rates dramatically in the event of a deep recession, rather than rates that are too high now. By maintaining its independence, the central bank can make politically contentious decisions to combat economic challenges, like the huge bond purchases it made after the 2008 financial crisis to help drive down long-term rates to support the economy. But while the Federal Reserve's current benchmark rate is less than half of China's, the Fed is in the middle of steadily ratcheting its lending rate higher.

"China, the European Union and others have been manipulating their currencies and interest rates lower, while the raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge".

Meanwhile in Brussels, EU Trade Commissioner Cecilia Malmstrom said the EU would "think out of the box" in a bid to find a solution, but she warned officials were preparing to respond with what she called "rebalancing measures" should the USA follow through with the auto tariffs. CNBC calls the rebuke "stinging and historically rare criticism", noting that presidents typically don't intercede with Fed affairs.

Lindsay Walters, a White House spokeswoman, said Thursday in a statement that the president "respects the independence of the Fed". Interest rates are seen as the domain of the central bank, while the currency is regarded as the responsibility of U.S. treasury officials.

"While reviewing 16 OECD economies, they showed that countries with independent central banks generally had lower inflation without "suffering any output or employment penalty", Daco said. "We've been ripped off by China for a long time". "We do our work in a strictly non-political way, based on detailed analysis, which we put on the record transparently".

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On Thursday, Trump said he is "not thrilled" about Fed interest rate hikes.

Beijing has vowed to hit back dollar-for-dollar and accused the United States of starting the "largest trade war in economic history". Nixon even told advisers "we'll take inflation if necessary, but we can't take unemployment".

"The Fed's independence from short-term political pressures is critical to enabling it to take the longer-run perspective that is essential for achieving its legislated dual mandate for jobs and price stability", said Donald Kohn, a former Fed vice chairman who is now a senior fellow at the Brookings Institution in Washington.

In the meantime, currency traders may need to pay closer attention to the president's Twitter feed.

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