Trump says China is devaluing its currency

Reuters - U.S. President Donald Trump reiterated his criticism of Beijing's foreign exchange policy. Speaking to reporters before leaving Morristown, New Jersey, Trump said China was devaluing it's currency "They are pumping money in. That's paying for the tariffs. Our people have not been paying for the tariffs," Trump said Sunday (July 7, 2019). The world's two largest economies are in the midst of a bitter trade war, which has seen them level increasingly severe tariffs on each other's imports. Trump also slammed the U.S. Federal Reserve over interest rates, repeating his call for the central bank to lower rates, saying such a step would further boost the economy. Trump has repeatedly railed against the central bank for hiking interest rates and against the Fed's chairman, Jerome Powell, whom Trump nominated, in particular. Fed officials, in turn, have argued that last year's rate hikes were a proper precaution against inflation or financial sector bubbles.