US federal reserve damaging to economy more than China, says Trump

Chandan Prakash Singh

Washington, Oct 31 (PTI) US President Donald Trump on Thursday slammed the Federal Reserve, alleging that its policies are more damaging to the American economy than China.

Trump's remarks were the latest in a series of recent barrages he has unleashed at the Fed.

Demanding lower interest rates, the President said that people are very disappointed with the central bank and its Chair Jay Powell.

'The Fed has called it wrong from the beginning, too fast, too slow,' Trump said in a series of tweets.

'They even tightened in the beginning. Others are running circles around them and laughing all the way to the bank. Dollar and rates are hurting our manufacturers,' he said, demanding a lowering of the interest rates.

'We should have lower interest rates than Germany, Japan and all others. We are now by far the biggest and strongest country, but the Fed puts us at a competitive disadvantage. China is not our problem, the Federal Reserve is! We will win anyway,' Trump said.

The President also said that China and the US are working on selecting a new site for signing of Phase One of Trade Agreement, about 60 per cent of total deal, after APEC in Chile was cancelled due to unrelated circumstances.

'The new location will be announced soon. President Xi (Jinping) and President Trump will do signing!' he added. PTI LKJ CPS