'Our problem is not China': Trump just lashed out at the Fed on Twitter again, saying it needs to cut interest rates faster
- President Donald Trump tweeted that China is not the US's main problem amid mounting global uncertainty around the trade war.
- Instead, Trump again lashed out at the Federal Reserve, saying it should cut rates more.
- Trump has long called for more rate cuts and quantitative easing to boost the economy, which he says would make the US more competitive globally.
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As global uncertainty swirled around the US-China trade war, President Donald Trump took to Twitter to assert that China isn't the biggest threat to US strength.
"Our problem is not China - We are stronger than ever, money is pouring into the US while China is losing companies by the thousands to other countries, and their currency is under siege," Trump tweeted Wednesday.
He continued: "Our problem is a Federal Reserve that is too proud to admit their mistake of acting too fast and tightening too much (and that I was right!). They must Cut Rates bigger and faster, and stop their ridiculous quantitative tightening NOW."
The tweets came on the heels of a trio of surprise rate cuts from global central banks. Thailand, India, and New Zealand shocked investors by lowering their benchmark lending rates on Wednesday, which stoked fears of a broad worldwide economic slowdown.
Trump has long criticized the Fed and its chairman Jerome Powell, accusing them of acting too slowly and not slashing rates enough. He wants a lower benchmark interest because of the economic stimulus it would provide. That also ties into his desire for a weaker dollar, which rate cuts would enable, because they expand the nation's overall money supply.
His complaints have continued even after it approved a quarter-point cut at its last meeting, the first rate cut since the financial crisis of 2008.
"Incompetence is a terrible thing to watch, especially when things could be taken care of sooo easily," Trump tweeted. "We will WIN anyway, but it would be much easier if the Fed understood, which they don't, that we are competing against other countries, all of whom want to do well at our expense!"
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