Trump wants a weaker dollar that would make China have to dig even deeper to match lower U.S. prices, writes Jake Novak.
Jerome Powell and President Donald Trump during a nomination announcement in the Rose Garden of the White House in Washington, D.C., U.S., on Thursday, Nov. 2, 2017.Something funny is happening during this U.S. economic boom: President Trump keeps saying we still need an interest rate cut.
Sometimes you just have to read a bit between the lines to see what his real intentions are. In this case, you don't have to do too much detective work to see that Trump's hard campaigning for lower federal funds rates isn't about raising the GDP, lowering unemployment or increasing wages. At least not directly.The, also mostly on Twitter, about Chinese and European currency manipulation.
It's a matter of debate whether eliminating or watering down China's currency manipulation advantage would be a decisive blow in the trade dispute. But a bigger question many investors and political experts are asking is whether the Fed should even be playing that role in the trade war at all. It's important here to note that two of the top people on the front lines of the trade war for the president are Director of Trade and Manufacturing Policy Peter Navarro and U.S. Trade Representative Robert Lighthizer. Both believe tariffs don't necessarily hurt the country that imposes them and should be used more often. Many of Trump's tweets praising tariffs appear to have been greatly influenced by Navarro and Lighthizer.
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