Enraged Trump Likens Fed Chief to ‘Enemy’ China

Bryan Woolston/Reuters

President Donald Trump reacted furiously on Friday after Federal Reserve Chair Jerome Powell linked the trade war with China to risks to the U.S. economy, asking whether the man he handpicked to run the U.S. central bank was a greater “enemy” than Chinese leader Xi Jinping.

“As usual, the Fed did NOTHING! It is incredible that they can ‘speak’ without knowing or asking what I am doing, which will be announced shortly,” Trump wrote on Twitter. “We have a very strong dollar and a very weak Fed. I will work ‘brilliantly’ with both, and the U.S. will do great.”

“My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?”

It was unclear what Trump meant when he said he would work “brilliantly” with both, and the White House did not immediately respond to a request for comment. Trump has repeatedly accused the Fed of keeping monetary policy too tight, which he says has boosted the value of the dollar and undercut economic growth.

The president said in a subsequent Twitter post that he would respond later on Friday to China’s announcement on Friday that it would impose additional tariffs on U.S. products, the latest salvo in the U.S.-China trade war.

Trump has been pressuring the Fed to lower interest rates aggressively, arguing that the dollar’s strength is undermining the competitiveness of U.S. manufacturers.

With some signs of growing recession risks in the United States, Trump administration officials have discussed actions to prevent a downturn before the November 2020 presidential election, according to media reports.

Those have included the imposition of a currency transaction tax to weaken the dollar and a rotation of Fed governors to try to undercut Powell’s influence, the Washington Post reported, moves that would likely require congressional action.

Powell, in a speech earlier on Friday, stopped short of committing to further rate cuts. He characterized the U.S. economy as in a “favorable place” but facing “significant” risks, especially from what Fed officials have described as the harmful effects of the White House’s trade war with China.

Before Powell spoke, a senior Trump adviser urged the Fed chief to lower rates. “America, we have your back. That’s all he has to say,” White House trade adviser Peter Navarro said in an interview with Fox Business Network.

(Reporting by Doina Chiacu; Editing by Tim Ahmann and Paul Simao)

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James
Member

>Sherri< Well said and right on point. The Kenyan tried – but failed – to destroy the Country (the USA) he hated; but was able to cripple (all branches of) the military, manufacturing, jobs, home ownership, the economy and the political parties. He succeeded in destroying the DemocRATic Party by turning it into a Socialist, Nazi-lite, "Gimme more FREE stuff" nightmare with truly unqualified, inept candidates – – like Mr. Gaffe-a-Minute Biden, the fake Indian squaw, the mayors whose towns are in turmoil, unrest, full of rats or in financial ruin and the Vermont Commie – – running to finish… Read more »

Michael
Member

What a ridiculous statement from a ridiculous man.

Sherri
Member

MSM might even be worse. Listening to them all say how Trump is wrong and China won’t back down. They are rooting for China over America. Do they not realize China needs us more then we need them? They then try and fear monger everyone by saying how strong China is militarily, not acknowledging how Obama tried to end our military and Trump has quickly worked to turn it around.

Noah_Vaile
Guest
Noah_Vaile

“WHAT DO YOU THINK?”
I think that he demonkraps are preying for a recession or at least a downturn in hopes of getting Trump more negative press. So far all the negative press has blown up in theiir faces so they are now hoping to harm every citizen in the country (apart from themselves) with the goal of blaming Trump.

Budann
Guest
Budann

Don’t know why he appointed this guy. He needs to replace him, if possible, with someone he has confidence in. There are too many negative effects from their relationship. Wish this guy would do us all a favor and bow out.

PatriotSoul
Guest
PatriotSoul

OUR PRESIDENT says it like it is. Remember how the Fed kowtowed to OWEbama to destroy our economy and keep our economy at an anemic GDP 1.2-1.8%, unemployment sky-high, and now, they’re working against us and OUR PRESIDENT because Powell has no loyalty to our beloved USA – only to the NWO globalists, K Street, Koch Bros, Chamber of Commerce, Round Table, Wall Street, etc.. So disgraceful!!!!

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