"Our problem is not China. We are stronger than ever, money is pouring into the US while China is losing companies by the thousands to other countries, and their currency is under siege. Our problem is a Federal Reserve that is too proud to admit their mistake of acting too fast and tightening too much," Trump tweeted on Wednesday.

The Federal Reserve "must cut rates bigger and faster, and stop ridiculous quantitative tightening now," he wrote. Incompetence is a terrible thing to watch, especially when things could be taken care of so easily. We will win anyway, but it would be much easier if the Fed understood, which they don’t, that we are competing against other countries, all of whom want to do well at our expense!" Trump posted on Twitter.

US President Donald Trump has recently stepped up his attacks on the Federal Reserve over the central bank’s interest-rate increases. Bloomberg news agency reported earlier with reference to sources that the US leader was considering the possibility of replacing Jerome Powell as chairman of the Federal Reserve Board. Meanwhile, the White House representatives have repeatedly stressed that Trump respects the Federal Reserve’s independence and does not intend to interfere in its decisions.