US President Donald Trump has renewed his criticism of the US Federal Reserve since hearing the news about the interest rate reduction in the Eurozone, APA reports citing Sputnik.
He argued that unlike the European Central Bank (ECB), the Fed fails to act quickly enough to raise the competitiveness of the American economy in the world.
"European Central Bank, acting quickly, Cuts Rates 10 Basis Points. They are trying, and succeeding, in depreciating the Euro against the VERY strong Dollar, hurting U.S. exports.... And the Fed sits, and sits, and sits. They get paid to borrow money, while we are paying interest!", he wrote on his Twitter account.
Trump noted that the EU depreciating its currency makes it hard for US exporters to compete with their European colleagues due to a "very strong dollar".
Note that the European Central Bank announced a reduction in interest rates earlier in the day down to minus 0.5% sending the euro to a 2-year low on the news.
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