U.S. President Donald Trump waves as he walks from the Oval Office of the White House in Washington, U.S., before his departure to Camp David, August 30, 2019. REUTERS/Yuri Gripas
WASHINGTON (Reuters) – U.S. President Donald Trump on Friday accused the U.S. Federal Reserve Bank of inaction as the euro slid in value against the dollar, something he said gave European countries a big trade advantage.
“The Euro is dropping against the Dollar ‘like crazy,’ giving them a big export and manufacturing advantage…and the Fed does NOTHING!” Trump said in a Twitter post.
“They don’t have a clue!” said Trump, a frequent critic of Fed policies.
Trump has repeatedly decried the relative loftiness of U.S. borrowing costs compared to rates in nations that compete with the United States in global markets, often citing negative rates in Germany.
Asked by a reporter on Friday if he would want to see negative rates in the United States, Trump said: “No. I just think the Fed is making a big mistake, because if you look at what the other Fed equivalents are doing right around the world, they’re at a much lower rate… It makes it much harder to compete.”
“The Fed is hurting me.”
Reporting by David Alexander and Jeff Mason; Editing by Tim Ahmann and Rosalba O’Brien