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(Reuters) – US President Donald Trump said on Twitter on Friday that he was very pleased with the performance of Treasury Secretary Steven Mnuchin after the Wall Street Journal said the president was not happy with Mnuchin.
FILE PHOTO: US Treasury Secretary Steven Mnuchin will speak during his interview with Reuters in Jerusalem on October 21, 2018. REUTERS / Ronen Zvulun / File Photo
"I am extremely happy and proud of the work done by @USTreasury Secretary @ stevenmnuchin1," Trump said in a tweet.
The Journal reported that Trump accused Mnoutchine of the appointment of Federal Reserve Chairman Jerome Powell, who regularly raised US interest rates. Trump fears that higher rates will jeopardize economic gains ahead of his bid for the 2020 reelection, the newspaper reported.
Citing unnamed sources, the newspaper said Trump had also expressed dissatisfaction with Mnuchin over the stock market turmoil and the Treasury Secretary's skepticism over the White House's trade action against China. .
"FAKE NEWS likes to write stories that say the opposite, citing fake sources or jealous people, but that's not true. They never like to ask me for a quote, as that would kill their story, "Trump told Twitter.
Trump repeatedly criticized the Fed's rate hikes under Powell. In October, he called the Fed "crazy", "ridiculous" and "my biggest threat".
A year ago, when Trump chose Powell to head the Federal Reserve, Mnuchin, a former Goldman Sachs banker, was a strong advocate for his appointment.
The Wall Street Journal, citing a person familiar with the matter, said in a conversation with someone who praised Mnuchin's performance, mentioned the volatility of the stock markets and said, "If it's so good, why would it does it happen? "
The Standard & Poor's 500 benchmark index finished Friday down 10.2% from its peak of September 20th, confirming that it had entered a correction, a term used to describe a drop of at least 10% by compared to the previous summit.
When the stock market made big gains, Trump frequently tweeted about Wall Street's performance. On October 2, Trump tweeted: "The stock market has reached an all-time high under my administration for the 102nd time, a presidential record by far for less than two years."
The paper said Mnuchin had tried to moderate Trump's policy in the trade dispute with China. The Republican president, seeking to reduce its $ 375 billion trade deficit with China, has imposed tariffs on $ 250 billion of Chinese imports to impose concessions.
The Journal said that at a meeting last month, Mnuchin had used the word "we" to refer to the stringent business practices of the Chinese administration.
"What do you mean" we ", Steve?" Said Trump, according to the Journal, citing people close to the meeting.
Report by Mohammad Zargham and David Morgan in Washington; Edited by Leslie Adler; Edited by Toni Reinhold and Leslie Adler
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