President Trump Fully Supports Federal Reserve, Treasury Secretary Mnuchin Says

Currency War Mnuchin Warns China Over Manipulation			AFP		20 Jul 2018

"There's no question that the weakening of the currency creates an unfair advantage for them", Mnuchin said of China.

Trump broke with protocol this week by criticizing the Fed's planned interest rate hikes. "The president has made it very clear to me that he supports the Fed's independence". He added, however, that the path of interest rates, and the dollar are determined by the USA macroeconomic performance.

Treasury Secretary Steven Mnuchin tried to soothe fears President Donald Trump is trying to sway the Federal Reserve's plans to raise interest rates this year. His comments weren't meant to jeopardize the Fed's independence, the secretary added.

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While most analysts said Trump's comments wouldn't influence the Fed, some raised concerns that any rate decision could now be seen by investors in a political context.

"The company has approached us on certain de-listing issues (from the Specially Designated Nationals List)", Mnuchin said in an interview with Reuters in São Paulo ahead of G20 finance meetings this weekend in Argentina.

Mnuchin's comment was the latest indication the Trump administration was trying to aid sanctions-hit Rusal, which has taken a series of steps to try to appease the USA government and get the restrictions lifted. But there have been microeconomic effects on individual businesses, he said, adding that the administration was closely monitoring these and looking at ways to help US farmers hurt by retaliatory tariffs.

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