Asian markets mostly tumbled on Friday tracking a fall on Wall Street after US President Donald Trump criticised the Federal Reserve's interest rate hikes amid lingering fears about a global trade war.
"But I don't like all of this work that goes into doing what we're doing".
The POTUS told CNBC's Joe Kernen, in an interview that will air Friday on Squawk Box, "I'm not thrilled" with the two interest rate increases the Fed has instituted this year and the two more that are likely to come before 2018 is up. "We have been ripped off by China for a long time".
"I'm not happy about it. But at the same time I'm letting them do what they feel is best".
President Donald Trump has threatened tariffs on all Chinese goods imported by the US.
The Fed has been slowly raising interest rates since December 2015 in an effort to avoid overheating the US economy. It would hurt both countries, but China's "state-run government can do more to artificially prop up its economy" and a cratering US economy would nearly surely hurt Trump's presidency.
He wants the growth to continue and anxious that interest rate hikes will rein in investments.
Trump criticized the US central bank in comments aired Thursday, saying its course of interest rate increases counteracted his efforts at growing the economy.
"I'm not doing this for politics - I'm doing this to do the right thing for our country", he added.
"And it is worth pondering whether this is a President who is going to break with 25-30 years of tradition in not interfering in Fed policy deliberations going forward".
While the White House attempted to assuage concerns by reiterating the president's support for the Fed's independence, the comments still raised the spectre of a huge policy mistake from the 1970s.
In his remarks to CNBC, Trump called Powell "a very good man".
He has further reshaped the Fed's leadership by appointing its vice chair for regulation and nominating two more Fed governors, both mainstream economists.
Trump's remarks come as the US economy enjoys its second-longest economic expansion on record which has seen unemployment fall close to the lowest levels in 50 years.
But, with unemployment at historic lows and inflation on the rise, Powell has said the United States economy is strong enough to weather the interest rate increases.
An IMF analysis shows that potential US duties on foreign cars represent a greater risk to the global economy than the tariffs the Trump administration is considering on Chinese imports.
U.S. companies may find themselves less able to compete globally as import tariffs contribute to rising input costs, forcing them to raise prices or lower their profit margins.