President Donald Trump on Friday appeared to double down on remarks he made during a CNBC interview on Thursday by accusing the European Union and China of manipulating their currencies and interest rates. In a tweet in the morning Trump said “China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day – taking away our big competitive edge. As usual, not a level playing field…” The president’s comments came a day after he criticized the Federal Reserve for hiking rates, which he described as undercutting his recent rounds of fiscal stimulus, including corporate tax cuts late last year. On Thursday, Trump told CNBC he is not “thrilled” that the Fed is hiking interest rates. “Because we go up and every time you go up they want to raise rates again. I don’t really – I am not happy about it. But at the same time, I’m letting them do what they feel is best.” He added, “but I don’t like all of this work that goes into doing what we’re doing.” The dollar, as measured by the ICE U.S. Dollar Index slumped after Trump’s Friday tweet. Meanwhile, futures for the Dow Jones Industrial Average and the S&P 500 index held on to losses.
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