Trump goes after ECB as euro drops against the dollar
President Trump attacked European Central Bank (ECB) President Mario Draghi in a series of Tuesday tweets after Draghi signaled that he may lower interest rates as soon as next month, causing the euro to drop against the dollar.
The big picture: Trump has been waging a war with his own central bank, blurring the lines of the Federal Reserve’s political independence by calling on it to cut interest rates. Now, Trump is picking a fight with the ECB, one of the major central banks that has hinted at easing monetary policy as the global economy slows. The Fed is one of the few that has yet to make that pivot, though speculation abounds that it may indicate this week that a rate cut is coming.
- What Trump's saying: "Mario Draghi just announced more stimulus could come, which immediately dropped the Euro against the Dollar, making it unfairly easier for them to compete against the USA. They have been getting away with this for years, along with China and others. ... European Markets rose on comments (unfair to U.S.) made today by Mario D!"
- He added late Tuesday morning: "German DAX way up due to stimulus remarks from Mario Draghi. Very unfair to the United States!"