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US President Donald Trump on Friday accused the US Federal Reserve Bank of inaction in the face of the depreciation of the euro against the dollar, which has given European countries a considerable commercial advantage.
US President Donald Trump waving his hands at the White House Oval Office in Washington, DC, before leaving for Camp David on August 30, 2019. REUTERS / Yuri Gripas
WASHINGTON: US President Donald Trump on Friday accused the US Federal Reserve Bank of inaction in the face of the devaluation of the euro against the dollar, which has given European countries a considerable commercial advantage.
"The euro is depreciating against the dollar" like crazy ", which gives them an important advantage in terms of exports and manufacturing … and the Fed does not do anything!" Trump said in a Twitter post.
"They do not have a clue!" said Trump, a frequent critic of the Fed's policies.
Trump has repeatedly decried the relative height of US borrowing costs relative to rates in countries competing with the United States in global markets, often citing negative rates in Germany.
On Friday, Trump asked a reporter when he wanted to see negative rates in the United States. Trump replied, "No, I think the Fed is making a big mistake, because if you look at what others are doing around the world, they are at a much lower rate … It makes competition a lot harder."
"The Fed hurts me."
(Report by David Alexander and Jeff Mason, edited by Tim Ahmann and Rosalba O & # 39; Brien)
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