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Home / Business / Trump slams the Fed, says trade war forced China to use stimulus plan

Trump slams the Fed, says trade war forced China to use stimulus plan



August Job Report and China's Trade Talks

Fox Business & Edward 39 talked about how many jobs were added in August and about Federal Reserve Jerome Powell's takeover of the trade war in relation to the US economy.

Hours after Federal Reserve Chairman Jerome Powell said he did not see the US sliding into a recession despite uncertainty surrounding the US-China trade war with China, President Trump had a few words to Twitter followers about China's economic strategy .

night tweet, Trump claimed that Beijing had to stimulate its economy because of US tariffs of more than $ 350 billion Chinese goods, but struck the US central bank and said it "does nothing!"

"China has only adopted a master stimulus plan. With all the billions they pay to the United States, billions and billions of dollars, they need it! Meanwhile, our Federal Reserve is leaning and doing nothing! "He wrote in the tweet.

People's Bank of China Friday, in a statement on its website, said it would cut the amount of cash that banks are required to hold in reserve. The shift swings the country to the lowest level of capital reserves since 2007.

China's stimulus package is estimated to provide an additional $ 1

26 billion in available loans to start growth.

Powell on Friday, while speaking in Zurich, Switzerland said he "would not see the recession as the most likely outcome in the United States. "

" The most likely outlook is still moderate growth, a strong job market and inflation continues to rise, "he said. 19659004] When asked if he felt whether politics influenced decisions by the US central bank, he emphatically.

"Political factors play absolutely no role in our process, and my colleagues and I would not tolerate any attempt to include them in our decision-making or the discussions v. are, "he said.

MORE ON FOXBUSINESS.COM …

Trump has often criticized Powell for stifling economic growth by raising interest rates in 2018.

In July, Fed politicians cut interest rates for the first time since the financial crisis. They are expected to lower rates by a further 25 basis points during the upcoming meeting on September 18.

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