Currency swap deal: CBN begins sale of Chinese Yuan

President Donald Trump has said he is "not happy" about the fact that the US Federal Reserve is raising interest rates.

Those and other Trump comments criticising Federal Reserve interest rate hikes caused the dollar to fall back in the U.S. on Thursday.

President Donald Trump said he was ready to impose tariffs on all $500 billion of imported goods from China, remarks that sent the USA stock market and dollar retreating and threatened to escalate a trade clash with the Asian giant.

Earlier this month, U.S. imposed tariffs on $34 billion of Chinese imports.

US President Donald Trump is taking a more aggressive, protectionist posture on trade than his recent predecessors, sparking retaliatory measures from countries around the world and igniting disputes on multiple fronts.

St Louis Federal Reserve Bank's James Bullard said the Fed would remain unaffected by Mr Trump's comments on monetary policy and expressed concerns about rising tariffs.

"The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals", he wrote.

The president told CNBC that he is ready to place a tariff on every single Chinese good entering the U.S.in the latest salvo in what could quickly turn into an unprecedented trade war. But rate increases also make borrowing costlier for households and companies and can weaken growth.

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Trump has also pledged to narrow the US' trade deficit with China.

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

The US president did not limit himself to commenting on tariffs and trade, and he accused China and the European Union of currency manipulation. Interest rates are seen as the domain of the central bank, while the currency is regarded as the responsibility of USA treasury officials.

America's central bank has twice increased benchmark lending rates this year, following three raises last year.

"Now I'm just saying the same thing that I would have said as a private citizen", he said, according to CNBC.

Until now, Trump has mostly focused on using tariffs as leverage to try to convince China and other nations to open up their markets. President Xi Jingping "cannot lose face with his own people by giving in to the United States", Dollar said.

After Beijing offered this spring to buy more natural gas and farm goods from the U.S. to narrow the trade deficit, Treasury Secretary Steven Mnuchin said the trade war was "on hold".

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