Trump Accuses Fed Reserve Of Hindering US Exports

The Hill reports:

President Trump on Thursday put renewed pressure on the Federal Reserve to cut interest rates, arguing the strength of the U.S. dollar is hurting American manufacturers.

In a series of tweets, Trump accused the Fed of hindering U.S. exports by keeping interest rates relatively high compared to other economic powers. He suggested the central bank should weaken the dollar by lowering interest rates.

While a weaker dollar can help U.S. exporters, presidents and Treasury secretaries have long touted a strong dollar as a pillar of financial strength. Trump’s comments Thursday in favor of weakening the dollar breaks from more than two decades strong-dollar policy and furthers his intrusion on the Fed’s independence.