Markets

Dollar declines amid Trump comments

Dollar declines amid Trump comments

The Fed has been set on a slow and steady path of interest rate hikes over the past two years, leading economists to wonder if the central bank could tamp down some of Trump's promised economic growth.

The outbursts were another crosswind for Wall Street, which struggled to find direction and finished the day a hair's breadth in negative territory.

The White House later said in a statement that the president respects the USA central bank´s independence and was not interfering with its policy decisions.

St. Louis Federal Reserve Bank President James Bullard said Trump's comments would have no bearing on interest rate decisions, which are made by a committee made up of government officials and the presidents of privately owned regional Federal Reserve banks.

Fed officials voted in March and June to raise interest rates, most recently to a range between 1.75% and 2%, and have penciled in two more rate increases this year.

Trump has ordered the Commerce Department to investigate whether auto imports pose a threat to USA national security that would justify tariffs or other trade restrictions.

President Donald Trump is indicating that he's ready to hit every product imported from China with tariffs, sending USA markets sliding before the opening bell.

In a taped interview with the business channel CNBC, Trump warned, "I'm willing to go to 500", meaning he's prepared ultimately to impose tariffs on $500 billion in Chinese imports - roughly the value of all the goods Beijing shipped to the United States past year.

In effect, Mr. Trump signaled his desire to enlist the Fed in his broader trade campaign.

The White House in June already threatened to extend punishing U.S. duties progressively to up to USD450 billion in Chinese imports.

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His scepticism drew a quick formal statement - nearly a rebuttal - from Mr Trump's director of national intelligence, Dan Coats. President Donald Trump in the Presidential Palace in Helsinki , Finland July 16, 2018. "This is utterly ridiculous", he added.

A second tranche of US$16 billion (RM65 billion) in products is under review and could soon be added to the U.S. measures. On Thursday, automakers and vehicle-making nations such as Mexico criticized the administration's study into whether auto imports pose a risk to national security, which could lead to tariffs.

"I don't like all of this work that we're putting into the economy and then I see rates going up", he said.

Analysts say they're becoming more convinced that Trump's multi-front trade fights aren't merely a short-term negotiating ploy.

The growing share of worldwide trade under threat has raised the prospect the escalating trade war could harm the global economy by disrupting companies supply chains, pushing firms to hold off on investments, and making goods more expensive for consumers.

In an interview in an interview with CNBC on Friday, Trump once again complained about a large deficit in trade with China and said that he considered it "very unfair".

"I really only see this as a short-term outcome", said Issa.

"By running tight monetary policy and loose fiscal policy, Trump has put nearly ideal conditions in place for a rally in the dollar", said Karl Schamotta, a strategist at Cambridge Global Payments in Toronto. "The President's views on interest rates are well known and his comments today are a reiteration of those long held positions, and public comments".

After sliding recently to its lowest levels in a year in April as the Sino-US trade conflict heated up, the yuan strengthened to around 6.77 by the close Friday.

"A big reason is bad (terrible) Trade Deals with other countries", Trump said.

The US dollar, meanwhile, continued its decline against the euro and pound. Asked about the potential of a market downturn over his trade policies, he said: "If it does, it does".


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