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President Donald Trump intensified pressure on the Federal Reserve to lower interest rates, threatening to cut off trade with certain economies with which the US has a deficit if the central bank does not act.
Trump issued his demands on Friday in a lengthy social media post after a stronger-than-expected August jobs report, which could bolster the case for Fed officials to raise rates at their next policy meeting starting September 15.
In his post, the president exhorted his hand-picked Fed Chairman Kevin Warsh, whom he called “great”, and board members to “get smart” and “BE PATRIOTS for a change”.
“LOWER THE RATE OR I’LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT,” Trump posted. “High interest rates put the U.S.A. at a very unfair disadvantage, and I won’t allow that to happen!”
Trump said the US Supreme Court, which struck down his previous tariff regime, had acknowledged his authority to do that. But if he moves forward with trade embargoes, it would almost certainly trigger a legal challenge.
It was unclear how such an action would help lower US borrowing costs.
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