Trump says US has a Fed, not tariff, ‘problem’

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President Trump on Friday called the Federal Reserve “a problem” that is allowing foreign countries to have a leg up on U.S. manufacturers.

“The Euro is dropping against the Dollar “like crazy,” giving them a big export and manufacturing advantage…and the Fed does NOTHING! Our Dollar is now the strongest in history,” Trump tweeted. “Sounds good, doesn’t it? Except to those (manufacturers) that make product for sale outside the U.S.”

Trump also said the U.S. doesn’t have a tariff problem, adding that the taxes are helping rein in “bad and/or unfair players.” He made similar comments earlier this week regarding U.S. saying the central bank “loves” to watch American manufacturers struggle.

“The Federal Reserve loves watching our manufacturers struggle with their exports to the benefit of other parts of the world,” he tweeted Tuesday. “Has anyone looked at what almost all other countries are doing to take advantage of the good old USA? Our Fed has been calling it wrong for too long!”

Meanwhile, manufacturing activity across Mid-Atlantic states showed little improvement in August, according to data released Tuesday from the Federal Reserve Bank of Richmond. The survey indicated that while wage growth continues, firms were having difficulty finding employees with the necessary skills for open positions — and it anticipates that both of these trends will continue.

Also, “many firms saw employment decline while the average workweek increased in August,” according to the survey.

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In a subsequent tweet on Friday, the president reiterated his calls for more interest rate cuts, saying the market would rally if the Fed lowered the benchmark federal funds rate again. The central bank most recently cut rates in July, the first in more than a decade, to a range of 2 percent to 2.25 percent.

Source: Fox Business

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