U.S. President Donald Trump on Aug. 30 criticized companies pointing to his trade policies as a reason for difficulties they were facing, pinning the blame instead on the firms' management and the Federal Reserve.
In a series of tweets, Trump again called on the Fed to cut interest rates, saying the central bank, not his trade battles with major partners around the world, is creating problems for businesses and the economy.
"If the Fed would cut, we would have one of the biggest stock market increases in a long time," Trump wrote on Twitter. "Badly run and weak companies are smartly blaming these small Tariffs instead of themselves for bad management ... and who can really blame them for doing that? Excuses!"
Trump particularly attacked General Motors Co. for its operations in China and said the car manufacturer should move facilities back to the U.S.
Trump made the comments ahead of the latest tit-for-tat tariff increases on U.S. and Chinese goods set to take effect Sept. 1, which are expected to hit U.S. auto, consumer, chemicals and footwear producers the most.
Americans for Free Trade, a broad coalition of U.S. businesses, trade organizations and workers, urged Trump in an Aug. 28 letter to postpone all planned tariff actions for the rest of the year, saying additional duties on goods would hurt U.S. farmers, manufacturers and consumers.
The Fed lowered its benchmark interest rate in July, with Fed Chairman Jerome Powell saying the move was intended to "insure against downside risks" facing the economy, including the ongoing trade tensions.
Powell also said in this year's Jackson Hole, Wyo., conference that trade uncertainty is dampening manufacturing activity and business investment.
