Trump Tells CNBC He's 'Not Thrilled' About Rate Hikes

"China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S.is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge", Trump wrote. "My experience at the Fed is consistent with what Jay Powell recently said - being non-political is deep in the Fed's DNA - and I believe that Jay will keep it that way".

In a statement to CNBC, the White House said: "Of course the President respects the independence of the Fed".

President Trump looks on as his nominee for Federal Reserve chairman, Jerome Powell, takes to the podium at the White House on November 2. In the interview, Trump called Powell a "very good man". In addition to Trump's comments to CNBC, Larry Kudlow, the president's top economic adviser, also told Fox Business last month he hoped the Fed raised rates "very slowly".

"I'm not thrilled, because we go up and every time you go up they want to raise rates again", Trump told CNBC.

He added, "No one in the administration has said anything to me that really gives me concern on this front".

In a CNBC interview that aired earlier on Friday, Trump said he's "ready to go" with tariffs on $500 billion of Chinese goods, roughly the value of all US imports from the Asian nation previous year.

"But I don't like all of this work that goes into doing what we're doing, ' he vented". Then, his complaint was that interest rates were too low.

Doing so slows growth, as it raises the cost of borrowing, but can also prevent the economy from overheating and tipping into recession. During the interview, Trump himself predicted the response: "Now I'm just saying the same thing that I would have said as a private citizen", he said.

'I'm not happy about it.

Trump said higher interest rates left the United States at a disadvantage when compared to the European Union and Japan, where easy money policies persist.

The CNBC interview will air in its entirety Friday but the network released excerpts Thursday.

The Fed has raised interest rates five times since Trump took office in January 2017, with two of those coming this year under Chairman Jerome Powell, the president's pick to replace Janet Yellen.

Fears are growing over a fierce global trade war, after Trump's imposition of hefty import taxes on steel and aluminium from the EU, Canada, and Mexico, in addition to levies already on goods from China worth tens of billions of dollars that have sparked retaliatory tariffs. "So somebody would say, 'Oh, maybe you shouldn't say that as president".

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