President Donald Trump amplified his criticism of the Federal Reserve and defended his tariff policy as stock markets dove on Wednesday.
As stock markets plunged on Wednesday, President Donald Trump amplified his criticism of the Federal Reserve and defended his tariff policy.
‘VERY LATE’ FED
From his vacation in New Jersey, Trump took to Twitter to blast the Fed as the Dow Jones Industrial Average plummeted more than 700 points.
The president quoted comments about both the Fed and tariffs made on a Fox Business program, and added, “The Federal Reserve acted far too quickly, and now is very, very late. Too bad, so much to gain on the upside!”
Trump regularly bashes the Fed over monetary policy and promotes his tariffs on China and other nations. But Wednesday’s tweets coincided with a plunge in the Dow and other indexes , as well as the inversion of the yield curve. Trump’s trade adviser Peter Navarro said in televised comments that it was the yield curve and the Fed that investors should be worried about. Trump has called the Fed’s quarter-point rate cut at its July meeting inadequate.
Read: 5 things investors need to know about an inverted yield curve
Now see: Fed policy is White House’s ‘biggest problem,’ says Trump trade chief Peter Navarro
A day after the Dow closed more than 370 points higher amid investor relief that Trump was delaying some China tariffs, the president was back to defending levies, saying, “we are taking in $Billions!”
Tuesday, he said he was delaying tariffs on cell phones, laptops and other consumer goods from China to Dec. 15 from Sept. 1. After previously saying it was China that pays the tariffs, Trump said the delay was to ensure Americans’ Christmas shopping wouldn’t be negatively affected.
Also see: Wilbur Ross gets slammed for backing Trump’s stance on delaying tariffs
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Source:: Daily times