US President Donald Trump says he is ready to impose tariffs on all $US500 billion ($673.7 billion) of imported goods from China, threatening to escalate a clash over trade policy that has unnerved financial markets.
Around $505 billion of Chinese goods were imported to the U.S.in 2017, leading to a trade deficit of almost $376 billion, USA government data shows.
Trump defended his comments to CNBC by saying he is "just saying the same thing that I would have said as a private citizen". "No president should interfere with the workings of the Fed", Fisher said.
State-owned China Global Television Network on Friday posted a video, first spotted by Reuters, seemingly created to undermine support for Trump's trade policies. The US should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals.
Trump's comments came shortly after CNBC aired an interview with the president in which he bashed the Fed's planned rate hikes.
Even though he's frustrated, Trump said he's "letting them do what they feel is best". In Friday, however, Trump again attacked the Fed, which is led by Jerome Powell, Trump's hand-picked choice.
"Currency is now part of the trade war folks", said Greg McKenna, chief market strategist at AxiTrader.
Much in the way that people were displeased when he seemed to kowtow to the tyrant running Russian Federation earlier in the week, people were again irked that Trump was attempting to influence the decision making at America's independent central bank.
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Top Senate Democrat Chuck Schumer said Trump needed to wake up to Russia's efforts to interfere in American elections. The Trump administration, she said, is trying a new approach on its relationship with Russian Federation .
The short video in English with Chinese subtitles seems created to undermine support for the trade dispute from US farmers, key supporters of President Donald Trump, by highlighting the damage tariffs could have on American soybean exports.
"Tightening now hurts all that we have done", Trump tweeted.
The Fed has raised rates five times since Trump took office in January 2017, and has penciled in two more hikes for this year.
The dollar slid against the euro and pound Friday as US President Donald Trump adopted an aggressive posture on trade and foreign exchange, stoking talk of a currency war in addition to a trade war.
Doing so slows growth, as it raises the cost of borrowing, but can also prevent the economy from overheating and tipping into recession.
He added, "No one in the administration has said anything to me that really gives me concern on this front".
"So somebody would say, 'Oh, maybe you shouldn't say that as president.' I couldn't care less what they say, because my views haven't changed".
Despite Trump's claim, the yuan has been rising steadily if gradually in recent years, as most economists and officials say Beijing actually has been intervening in currency markets to keep the currency from weakening.