Donald Trump is acting like a king, not like a president. His own cabinet and professional government employees have worked hard to follow what they think the president wants. Then, this happened.
In an early morning tweet, Trump went totally against his own Treasury Department’s economic policy. He tweeted that our two biggest competitors were “playing the Currency Devaluation game:”
‘Russia and China are playing the Currency Devaluation game as the U.S. keeps raising interest rates. Not acceptable!’
Trump’s Treasury Department recently issued a report that did not accuse either China or Russia of lowering their currency’s value. The commander-in-chief had zero evidence to back up his claim.
On the contrary, Trump’s Treasury Department liked the direction China’s currency was taking. The report said that it would actually benefit exporters in our nation.
The Washington Post speculated that Trump’s tweet was criticism of his new Federal Reserve Chair, Jerome Powell. The president tweeted “Not acceptable!”
Trump appointed Powell, and the man has only been on the job for two months. Since he began, the chair has started to raise interest rates in order to prevent an inflation, which can quickly cripple an economy.
Senior fellow at the Brookings Institution and Treasury’s past economic and financial emissary to China, aptly named David Dollar commented, according to The Washington Post:
‘The yuan has appreciated against the [U.S.] dollar over the past year. Accusing China of playing a devaluation game does not make sense.’
The commander-in-chief does not want to raise rates. What 45 does not seem to understand was that the central bank should be off-limits. Instead, it is independent of political interference, of Trump’s interference.