Trump says Federal Reserve is ‘very, very destructive’ to economy

A customer looks at an imported Renault car in a showroom in China's eastern Shandong province

A customer looks at an imported Renault car in a showroom in China's eastern Shandong province

President Trump said Monday that the Federal Reserve's policies have been "very destructive" to the US, complaining that Chinese President Xi Jinping's control of the country's central bank gives that country an unfair advantage.

"I think he will go and I think we're scheduled to have a meeting".

"There's nothing that Trump is asking China to do that is not completely reasonable", Moore went on. "I think he's going, I haven't heard that he's not".

He also sided with those who said Mr. Trump didn't win much substance with the deal.

By contrast, he said, China President Xi Jinping's effective control over the country's monetary policy gives it an advantage. Washington says that Beijing walked away at the last minute, while the Chinese side has signaled it is prepared for a long fight against unreasonable demands.

Shortly afterward, the Trump administration raised tariffs to 25% on $200 billion of Chinese goods. "For American businesses, they introduce significant uncertainty: it is hard to make investment decisions in the face of continual threats of new tariffs, even if many of them may not ultimately be enacted". USA officials have accused Chinese technology companies such as Huawei of stealing trade secrets and threatening cybersecurity - possibly at the behest of the ruling Communist Party.

Trump complained about France charging tariffs on USA wine in the past, tweeting in November that it's too hard for American wine producers to sell in France but the USA makes it "easy" to import French wines.

Huawei, the world's top network equipment provider and second-largest smartphone maker, has become embroiled in the trade dispute between China and the U.S. USA officials have accused Chinese technology companies, including Huawei, of stealing trade secrets and threatening global cybersecurity.

Mr. Trump made clear in an interview with CNBC his frustration with a century-old system that provides political independence for America's central bank - something most economists see as vital to its credibility.

"Those companies are going to move into other locations and there won't be a tariff", he said. Mr Trump added American winemakers had complained to him that French wine can be imported into the United States "for nothing", but they have to pay steep duties to export their wine into France.

"High tariff rates constitute the single most restrictive barrier to USA wine exports", the group says on its website.

On Monday morning, the broader market was trading on a positive note after President Donald Trump "indefinitely suspended" his planned tariffs on Mexico.

Some drew parallels with the untimely demise of the so-called "friendship" tree planted by French President Emmanuel Macron and US President Donald Trump as a token of the friendship between their two countries during Macron's state visit to the US in April past year.

"Had a Democrat gotten in., China would have caught us", he said.

No talks are planned in Beijing or Washington before the Osaka event, U.S. Treasury Secretary Steven Mnuchin told reporters over the weekend.