US President asks FED to cut rates “faster and bigger”

US President Donald Trump on Wednesday urged the Federal Reserve to cut the benchmark interest rate at a faster pace and on a larger scale to raise the US's competitiveness in the international market.

President Trump has long called for a lower interest rate, saying the US central bank's "tightening" policy is a problem for the country's economy. Experts said his last week's action of imposing 10% additional tariff on the remaining 300 billion dollars of Chinese goods may force FED to cut more interest rate than expected to protect US economy from trade risks.

US Trade Advisor Peter Navarro said Tuesday that FED should aggressively decrease basic interest rate to be more in line with other economies. Navarro accused the Fed of raising too fast last year and despite a rate cut last week of 25 basis points called for more. "The Federal Reserve before the end of the year has to lower interest rates by at least another 75 basis points, or 100 basis points, to bring interest rates here in line with the rest of the world," he said on Fox News.

Source: VOV5