U.S. President Donald Trump on Friday said he was ready to impose tariffs on all $500 billion of imported goods from China, threatening to escalate a clash over trade policy that has unnerved financial markets.
"The United States should not be penalised because we are doing so well", Trump tweeted.
U.S. stocks finished the session mildly lower, with Trump's comments on trade and the Fed offsetting a round of mostly solid United States earnings reports.
The US, which is now doing well, should preserve its right to recover what was lost through such practices as illegal currency manipulation and trade deals that were not profitable for the US, the president tweeted.
The United States' aggressive stance in its trade war with China should be viewed in a purely economic context and not as part of a wider, politically driven approach, an American official familiar with the situation said on Friday.
Trump also accused the European Union, China, and "others" of manipulating their currencies lower and creating an uneven playing field with the US.
President Trump looks on as his nominee for Federal Reserve chairman, Jerome Powell, takes to the podium at the White House on November 2. Interest rates are seen as the domain of the central bank, while the currency is regarded as the responsibility of U.S. treasury officials.
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"I don't want them to be scared".
Fed Chairman Jerome Powell, who Trump named to lead the US central bank, said earlier this month he was not concerned about pressure from USA politicians.
The Fed has raised interest rates seven times since December 2015 and has penciled in two more rate hikes for this year.
"We have a long tradition here of conducting policy in a particular way, and that way is independent of all political concerns", Powell said in a radio interview last week with "Marketplace".
He wants the growth to continue and anxious that interest rate hikes will rein in investments.
"This is extraordinary to see Trump go after the Fed like this", said Greg Valliere, chief global strategist at Horizon Investments.
While Trump had indicated his desire to pull the U.S. out of the WTO during his election campaign, the official said the USA had no intention of quitting the trade body.
In the CNBC interview, Mr. Trump also said he was "not happy" the Fed planned to continue raising benchmark lending rates. Powell has said the economy is strong enough for the Fed to keep raising rates gradually.
Presidents have historically avoided criticizing the Fed, which is created to be independent from political interference.
Last year, Trump said in an interview with the Wall Street Journal that he does favor a low interest rate policy, though ahead of the 2016 election suggested that the Fed was keeping rates low in an effort to help then-President Barack Obama.