President Donald Trump again urged the Federal Reserve to act on Friday after China announced new tariffs on $75 billion of United States products.
“Now the Fed can show their stuff!” Trump wrote on Twitter.
Federal Reserve Chairman Jerome Powell will address several issues during a speech at the Jackson Hole Economic Policy Symposium on Friday morning in Wyoming.
The speech is titled “Challenges of Monetary Policy.”
China announced tariffs ranging from 5-10 percent on $75 billion U.S. goods which will be enacted on September 1 and December 15. They also plan to raise tariffs on United States cars to 25 percent. The new China tariffs are retaliatory after Trump announced a new 10 percent tariff on $300 billion of Chinese goods earlier this month.
Trump has repeatedly criticized the Federal Reserve for raising interest rates despite the ongoing trade fight with China and other countries lowering their interest rates.
On Wednesday, Trump said Powell had “totally missed the call” on monetary policy.
“He did quantitative tightening. He shouldn’t have done that,” Trump said. “He raised interest rates too fast, too furious.”